Stoneridge Investment Partners LLC Sells 48,529 Shares of Cummins Inc. (CMI)
Stoneridge Investment Partners LLC lowered its position in Cummins Inc. (NYSE:CMI) by 78.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 reporting period.
Several other hedge funds have also recently bought and sold shares of the company. Motley Fool Wealth Management LLC boosted its stake in Cummins by 3.7% in the first quarter. Motley Fool Wealth Management LLC now owns 61,803 shares of the company’s stock worth $6,795,000 after buying an additional 2,183 shares during the period. Investment Centers of America Inc. boosted its position in shares of Cummins by 35.5% in the first quarter. Investment Centers of America Inc. now owns 7,580 shares of the company’s stock valued at $832,000 after buying an additional 1,986 shares during the period. St. Johns Investment Management Company LLC boosted its position in shares of Cummins by 4,399.0% in the first quarter. St. Johns Investment Management Company LLC now owns 4,499 shares of the company’s stock valued at $495,000 after buying an additional 4,399 shares during the period. Raub Brock Capital Management LP boosted its position in shares of Cummins by 17.8% in the first quarter. Raub Brock Capital Management LP now owns 113,508 shares of the company’s stock valued at $12,479,000 after buying an additional 17,140 shares during the period. Finally, DAVENPORT & Co LLC boosted its position in shares of Cummins by 30.5% in the first quarter. DAVENPORT & Co LLC now owns 17,029 shares of the company’s stock valued at $1,872,000 after buying an additional 3,983 shares during the period. Institutional investors and hedge funds own 81.36% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.83% on Thursday, reaching $121.92. The company’s stock had a trading volume of 849,302 shares. The stock has a market capitalization of $20.48 billion, a PE ratio of 16.70 and a beta of 1.48. Cummins Inc. has a 1-year low of $79.88 and a 1-year high of $127.64. The stock has a 50-day moving average of $123.32 and a 200 day moving average of $115.74.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, beating the Zacks’ consensus estimate 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 analyst estimates of $4.50 billion. During the same quarter last year, the business earned $2.62 earnings per share. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post $8.15 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 22nd were paid 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 dividend yield of 3.20%. Cummins’s dividend payout ratio is presently 55.93%.
CMI has been the topic of several recent research reports. Jefferies Group restated a “hold” rating and issued a $115.00 price target on shares of Cummins in a research report on Thursday, July 7th. Deutsche Bank AG initiated coverage on Cummins in a research report on Tuesday, September 6th. They issued a “sell” rating and a $111.00 price target on the stock. Standpoint Research cut Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. BMO Capital Markets restated a “market perform” rating and issued a $114.00 price target on shares of Cummins in a research report on Monday, September 12th. Finally, William Blair set a $110.00 price target on Cummins and gave the company a “hold” rating in a research report on Thursday, September 8th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and a consensus price target of $104.37.
In related news, VP Thaddeus B. Ewald sold 820 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $126.95, for a total transaction of $104,099.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marsha L. Hunt sold 500 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The stock was 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 of the company’s stock, valued at $326,003.32. The disclosure for this sale can be found here. Corporate 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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