Ameriprise Financial Inc. Has $18,652,000 Position in Cummins Inc. (CMI)
Ameriprise Financial Inc. reduced its position in Cummins Inc. (NYSE:CMI) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165,941 shares of the company’s stock after selling 1,579 shares during the period. Ameriprise Financial Inc. owned approximately 0.10% of Cummins worth $18,652,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. First Manhattan Co. raised its position in shares of Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock worth $107,000 after buying an additional 71 shares during the period. Kanaly Trust Co raised its position in shares of Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock worth $125,000 after buying an additional 34 shares during the period. Signaturefd LLC raised its position in shares of Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock worth $125,000 after buying an additional 162 shares during the period. FCM Investments TX raised its position in shares of Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock worth $135,000 after buying an additional 300 shares during the period. Finally, Americafirst Capital Management LLC bought a new position in shares of Cummins during the second quarter worth approximately $139,000. 81.44% of the stock is currently owned by institutional investors.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.1645% on Tuesday, hitting $119.4862. 419,920 shares of the stock traded hands. The firm’s 50-day moving average is $123.41 and its 200 day moving average is $115.54. The firm has a market cap of $20.07 billion, a P/E ratio of 16.3657 and a beta of 1.48. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $127.64.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.25. The firm had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. Cummins’s revenue was down 9.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.62 earnings per share. Equities research analysts forecast that Cummins Inc. will post $8.14 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Monday, August 22nd were given a dividend of $0.975 per share. The ex-dividend date was Thursday, August 18th. This represents a $3.90 dividend on an annualized basis and a yield of 3.27%. Cummins’s dividend payout ratio (DPR) is 55.93%.
A number of equities analysts have recently commented on CMI shares. Jefferies Group reaffirmed a “hold” rating and set a $115.00 target price on shares of Cummins in a research report on Thursday, July 7th. Deutsche Bank AG began coverage on shares of Cummins in a report on Tuesday, September 6th. They set a “sell” rating and a $111.00 price objective on the stock. Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. BMO Capital Markets reissued a “market perform” rating and set a $114.00 price objective on shares of Cummins in a report on Monday, September 12th. Finally, William Blair set a $110.00 price objective on shares of Cummins and gave the company a “hold” rating in a report on Thursday, September 8th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $104.37.
In other news, insider Jill E. Cook sold 5,981 shares of Cummins stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $120.20, for a total transaction of $718,916.20. Following the sale, the insider now owns 24,800 shares in the company, valued at $2,980,960. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Marsha L. Hunt sold 500 shares of Cummins stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $126.26, for a total transaction of $63,130.00. Following the sale, the vice president now owns 2,582 shares in the company, valued at approximately $326,003.32. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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