Welch & Forbes LLC Boosts Position in Cummins Inc. (NYSE:CMI)
Welch & Forbes LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 9.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 68,515 shares of the company’s stock after buying an additional 5,693 shares during the period. Welch & Forbes LLC’s holdings in Cummins were worth $11,115,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of CMI. BlackRock Inc. boosted its position in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Cummins by 39.0% in the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock worth $303,309,000 after buying an additional 563,279 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares during the last quarter. UBS Group AG boosted its position in shares of Cummins by 118.2% in the first quarter. UBS Group AG now owns 755,368 shares of the company’s stock worth $114,211,000 after buying an additional 409,168 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock worth $398,200,000 after buying an additional 402,929 shares during the last quarter. Hedge funds and other institutional investors own 80.34% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at 155.65 on Friday. The company has a market cap of $25.99 billion, a price-to-earnings ratio of 17.59 and a beta of 1.09. The stock’s 50 day moving average is $162.65 and its 200-day moving average is $155.23. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.40 EPS. On average, equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is currently 46.28%.
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A number of equities analysts recently commented on CMI shares. Deutsche Bank AG reiterated a “sell” rating and issued a $154.00 target price (up previously from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Royal Bank Of Canada reiterated a “hold” rating and issued a $166.00 target price on shares of Cummins in a research report on Monday, June 5th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Finally, Stifel Nicolaus lifted their target price on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $156.21.
In related news, Director Georgia R. Nelson sold 1,086 shares of the firm’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $156.10, for a total value of $169,524.60. Following the transaction, the director now owns 16,512 shares of the company’s stock, valued at approximately $2,577,523.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The disclosure for this sale can be found here. Insiders sold a total of 60,969 shares of company stock worth $10,053,755 in the last ninety days. 0.62% of the stock is currently owned by insiders.
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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