Beese Fulmer Investment Management Inc. Has $3,536,000 Stake in Cummins Inc. (CMI)
Beese Fulmer Investment Management Inc. cut its position in Cummins Inc. (NYSE:CMI) by 1.1% during the second quarter, Holdings Channel reports. The firm owned 31,446 shares of the company’s stock after selling 340 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in Cummins were worth $3,536,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. AXA raised its stake in shares of Cummins by 991.1% in the first quarter. AXA now owns 1,056,200 shares of the company’s stock worth $116,118,000 after buying an additional 959,400 shares during the period. Bank of Montreal Can bought a new stake in shares of Cummins during the second quarter worth about $53,030,000. Nordea Investment Management AB raised its stake in shares of Cummins by 29.1% in the second quarter. Nordea Investment Management AB now owns 1,055,879 shares of the company’s stock worth $118,723,000 after buying an additional 237,982 shares during the period. Boston Advisors LLC raised its stake in shares of Cummins by 8,914.4% in the second quarter. Boston Advisors LLC now owns 186,148 shares of the company’s stock worth $20,930,000 after buying an additional 184,083 shares during the period. Finally, Candriam Luxembourg S.C.A. raised its stake in shares of Cummins by 1,564.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 162,048 shares of the company’s stock worth $18,221,000 after buying an additional 152,315 shares during the period. Institutional investors and hedge funds own 81.29% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded up 1.19% during trading on Wednesday, reaching $128.56. The company had a trading volume of 476,820 shares. The company has a 50 day moving average price of $123.47 and a 200 day moving average price of $118.27. The company has a market capitalization of $21.60 billion, a PE ratio of 17.61 and a beta of 1.46. Cummins Inc. has a 52-week low of $79.88 and a 52-week high of $131.04.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.25. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The business earned $4.50 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same quarter in the prior year, the firm earned $2.62 EPS. The business’s revenue for the quarter was down 9.7% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post $8.14 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be issued a $1.025 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, November 17th. This is a boost from Cummins’s previous quarterly dividend of $0.98. Cummins’s dividend payout ratio is presently 55.93%.
Several analysts have weighed in on CMI shares. Jefferies Group reiterated a “hold” rating and set a $115.00 target price on shares of Cummins in a research note on Thursday, July 7th. Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Citigroup Inc. boosted their target price on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Deutsche Bank AG started coverage on shares of Cummins in a research note on Tuesday, September 6th. They set a “sell” rating and a $111.00 target price for the company. Finally, William Blair set a $110.00 target price on shares of Cummins and gave the company a “hold” rating in a research note on Thursday, September 8th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $116.24.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $127.50, for a total value of $637,500.00. Following the completion of the transaction, the chief financial officer now owns 3,024 shares of the company’s stock, valued at approximately $385,560. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jill E. Cook sold 5,981 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total value of $718,916.20. Following the completion of the transaction, the insider now directly owns 24,800 shares of the company’s stock, valued at approximately $2,980,960. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.
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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