Arrow Financial Corp boosted its position in Cummins Inc. (NYSE:CMI) by 17.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 14,240 shares of the company’s stock after purchasing an additional 2,077 shares during the period. Arrow Financial Corp’s holdings in Cummins were worth $1,894,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its stake in Cummins by 15.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 25,839 shares of the company’s stock valued at $3,437,000 after purchasing an additional 3,474 shares during the last quarter. Piedmont Investment Advisors LLC lifted its stake in Cummins by 14.3% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 56,292 shares of the company’s stock valued at $7,487,000 after purchasing an additional 7,052 shares during the last quarter. Palladium Partners LLC lifted its stake in Cummins by 574.3% in the 2nd quarter. Palladium Partners LLC now owns 57,995 shares of the company’s stock valued at $7,713,000 after purchasing an additional 49,394 shares during the last quarter. Coastline Trust Co lifted its stake in Cummins by 10.8% in the 2nd quarter. Coastline Trust Co now owns 5,585 shares of the company’s stock valued at $743,000 after purchasing an additional 545 shares during the last quarter. Finally, Pegasus Partners Ltd. lifted its position in Cummins by 12.1% during the second quarter. Pegasus Partners Ltd. now owns 10,594 shares of the company’s stock worth $1,409,000 after acquiring an additional 1,145 shares during the last quarter. Institutional investors and hedge funds own 81.34% of the company’s stock.
CMI has been the subject of several research reports. TheStreet upgraded shares of Cummins from a “c+” rating to a “b” rating in a research report on Tuesday, May 1st. Argus cut their price objective on shares of Cummins to $175.00 and set a “buy” rating for the company in a research report on Friday, May 11th. They noted that the move was a valuation call. Standpoint Research upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Monday, June 18th. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $148.00 price objective for the company in a research report on Tuesday, July 3rd. Finally, Stifel Nicolaus upgraded shares of Cummins from a “hold” rating to a “buy” rating and cut their price objective for the stock from $174.00 to $160.00 in a research report on Tuesday, July 10th. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have issued a buy rating to the stock. Cummins presently has an average rating of “Hold” and an average price target of $167.52.
Shares of Cummins traded down $1.84, hitting $137.12, during mid-day trading on Monday, according to Marketbeat.com. 86,881 shares of the company’s stock were exchanged, compared to its average volume of 1,215,370. Cummins Inc. has a 52 week low of $129.90 and a 52 week high of $194.18. The stock has a market capitalization of $22.90 billion, a PE ratio of 13.03, a P/E/G ratio of 0.88 and a beta of 1.15. The company has a current ratio of 1.58, a quick ratio of 0.99 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 1st. The company reported $3.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.91 by $0.39. Cummins had a net margin of 4.33% and a return on equity of 23.47%. The company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period last year, the firm earned $2.36 earnings per share. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. equities research analysts predict that Cummins Inc. will post 13.76 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd will be paid a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 3.33%. This is a boost from Cummins’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend is Tuesday, August 21st. Cummins’s dividend payout ratio (DPR) is 40.68%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.