Pensionfund DSM Netherlands continued to hold its stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,200 shares of the company’s stock at the end of the second quarter. Pensionfund DSM Netherlands’ holdings in Cummins were worth $3,601,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. 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 valued at $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 valued at $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 valued at $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 valued at $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 valued at $398,200,000 after buying an additional 402,929 shares during the last quarter. 80.34% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE CMI) opened at 155.65 on Friday. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68. The firm’s 50-day moving average price is $162.65 and its 200 day moving average price is $155.23. The firm has a market capitalization of $25.99 billion, a price-to-earnings ratio of 17.59 and a beta of 1.09.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the company earned $2.40 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.
The firm also recently announced 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 is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a dividend yield of 2.78%. Cummins’s dividend payout ratio (DPR) is currently 46.28%.
CMI has been the topic of several research analyst reports. Barclays PLC raised their target price on Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Deutsche Bank AG lifted their price target on Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research report on Tuesday, July 4th. ValuEngine lowered Cummins from a “buy” rating to a “hold” rating in a research report 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 report on Thursday, July 20th. Finally, Wells Fargo & Company raised Cummins from a “market perform” rating to an “outperform” rating in a research report on Monday, April 17th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $156.21.
In related news, VP Anant Talaulicar sold 1,650 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total transaction of $259,875.00. Following the sale, the vice president now owns 13,029 shares in the company, valued at approximately $2,052,067.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Georgia R. Nelson sold 1,086 shares of the stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total transaction of $169,524.60. Following the sale, the director now owns 16,512 shares in the company, valued at approximately $2,577,523.20. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock worth $10,053,755 over the last ninety days. 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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