Stoneridge Investment Partners LLC Sells 48,529 Shares of Cummins Inc. (CMI)
Stoneridge Investment Partners LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 78.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,262 shares of the company’s stock after selling 48,529 shares during the period. Stoneridge Investment Partners LLC’s holdings in Cummins were worth $1,491,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Edmp Inc. raised its position in Cummins by 0.7% in the second quarter. Edmp Inc. now owns 4,259 shares of the company’s stock valued at $479,000 after buying an additional 28 shares during the last quarter. Kanaly Trust Co raised its position in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock valued at $125,000 after buying an additional 34 shares during the last quarter. NEXT Financial Group Inc raised its position in Cummins by 4.1% in the second quarter. NEXT Financial Group Inc now owns 1,290 shares of the company’s stock valued at $145,000 after buying an additional 51 shares during the last quarter. BB&T Securities LLC raised its position in Cummins by 0.3% in the first quarter. BB&T Securities LLC now owns 19,133 shares of the company’s stock valued at $2,103,000 after buying an additional 52 shares during the last quarter. Finally, Tiemann Investment Advisors LLC raised its position in Cummins by 2.2% in the first quarter. Tiemann Investment Advisors LLC now owns 2,437 shares of the company’s stock valued at $268,000 after buying an additional 53 shares during the last quarter. 81.36% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.83% during trading on Thursday, reaching $121.92. The company’s stock had a trading volume of 849,302 shares. The firm has a market capitalization of $20.48 billion, a P/E ratio of 16.70 and a beta of 1.48. The company has a 50 day moving average price of $123.32 and a 200 day moving average price of $115.74. Cummins Inc. has a 52 week low of $79.88 and a 52 week high of $127.64.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.25. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The business had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.50 billion. During the same quarter in the previous year, the firm earned $2.62 earnings per share. The business’s revenue was down 9.7% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post $8.15 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, August 22nd were given a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend was Thursday, August 18th. Cummins’s dividend payout ratio (DPR) is currently 55.93%.
Several research analysts have recently commented on the company. William Blair set a $110.00 price target on Cummins and gave the stock a “hold” rating in a research report on Thursday, September 8th. Jefferies Group upped their target price on Cummins from $115.00 to $120.00 and gave the company a “hold” rating in a research report on Thursday, September 1st. Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. BMO Capital Markets reaffirmed a “market perform” rating and set a $114.00 target price on shares of Cummins in a research report on Monday, September 12th. Finally, Citigroup Inc. upped their target price on Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $104.37.
In other news, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $127.50, for a total transaction of $637,500.00. Following the sale, the chief financial officer now owns 3,024 shares in the company, valued at $385,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thaddeus B. Ewald sold 820 shares of Cummins stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $126.95, for a total value of $104,099.00. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.
Cummins Company Profile
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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