Conning Inc. Has $25,668,000 Position in Cummins Inc. (CMI)
Conning Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 3.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 228,282 shares of the company’s stock after selling 8,089 shares during the period. Conning Inc.’s holdings in Cummins were worth $25,668,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Chevy Chase Trust Holdings Inc. boosted its position in shares of Cummins by 1.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 137,595 shares of the company’s stock worth $15,127,000 after buying an additional 1,299 shares during the period. Acadian Asset Management LLC bought a new position in shares of Cummins during the first quarter worth about $303,000. Howard Capital Management boosted its position in shares of Cummins by 4.8% in the first quarter. Howard Capital Management now owns 93,885 shares of the company’s stock worth $10,322,000 after buying an additional 4,321 shares during the period. Carl Domino Inc boosted its position in shares of Cummins by 25.1% in the first quarter. Carl Domino Inc now owns 17,755 shares of the company’s stock worth $1,952,000 after buying an additional 3,560 shares during the period. Finally, Raymond James Trust N.A. boosted its position in shares of Cummins by 3.0% in the first quarter. Raymond James Trust N.A. now owns 3,393 shares of the company’s stock worth $373,000 after buying an additional 100 shares during the period. 81.36% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE:CMI) traded up 1.47% during trading on Wednesday, hitting $120.92. 886,372 shares of the stock were exchanged. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $127.64. The stock’s 50 day moving average is $123.33 and its 200-day moving average is $115.66. The stock has a market cap of $20.31 billion, a price-to-earnings ratio of 16.56 and a beta of 1.48.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.25. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The business had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the previous year, the firm earned $2.62 EPS. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post $8.14 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 22nd were issued a $0.975 dividend. The ex-dividend date was Thursday, August 18th. This represents a $3.90 dividend on an annualized basis and a dividend yield of 3.23%. Cummins’s payout ratio is currently 55.93%.
CMI has been the subject of a number of research analyst reports. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Jefferies Group reaffirmed a “hold” rating and issued a $115.00 target price on shares of Cummins in a report on Thursday, July 7th. William Blair set a $110.00 target price on shares of Cummins and gave the company a “hold” rating in a report on Thursday, September 8th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $114.00 target price on shares of Cummins in a report on Monday, September 12th. Finally, Citigroup Inc. increased their target price on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $104.37.
In other news, VP Thaddeus B. Ewald sold 820 shares of Cummins stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $126.95, for a total value of $104,099.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $127.50, for a total transaction of $637,500.00. Following the completion of the transaction, the chief financial officer now directly owns 3,024 shares in the company, valued at $385,560. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.
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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