ST Germain D J Co. Inc. Decreases Stake in Cummins Inc. (CMI)
ST Germain D J Co. Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 0.7% during the second quarter, Holdings Channel reports. The institutional investor owned 94,899 shares of the company’s stock after selling 665 shares during the period. Cummins accounts for approximately 2.1% of ST Germain D J Co. Inc.’s holdings, making the stock its 18th largest position. ST Germain D J Co. Inc.’s holdings in Cummins were worth $15,395,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pinnacle Bank purchased a new position in Cummins during the first quarter valued at about $105,000. Carroll Financial Associates Inc. increased its position in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares in the last quarter. Cohen Capital Management Inc. purchased a new position in Cummins during the first quarter valued at about $121,000. First Manhattan Co. increased its position in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares in the last quarter. Finally, First Interstate Bank increased its position in Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares in the last quarter. 80.34% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE CMI) opened at 155.65 on Friday. The company has a 50 day moving average of $162.65 and a 200-day moving average of $155.23. The company has a market cap of $25.99 billion, a PE ratio of 17.59 and a beta of 1.09. Cummins Inc. has a 52-week low of $116.03 and a 52-week high of $170.68.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. Cummins’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.40 EPS. Analysts forecast that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.78%. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 46.28%.
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Several research firms have issued reports on CMI. Barclays PLC upped their price objective on Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Deutsche Bank AG increased their price target on Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a research note on Tuesday, July 4th. ValuEngine downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Thursday, July 20th. Finally, Wells Fargo & Company raised Cummins from a “market perform” rating to an “outperform” rating in a research note on Monday, April 17th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company. Cummins presently has a consensus rating of “Hold” and a consensus price target of $156.21.
In other news, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the transaction, the director now owns 16,512 shares in the company, valued at $2,577,523.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Pat Ward sold 14,050 shares of the company’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $163.95, for a total transaction of $2,303,497.50. Following the transaction, the chief financial officer now owns 13,395 shares in the company, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock worth $10,053,755 in the last quarter. Company insiders own 0.62% of the company’s stock.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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