Hartline Investment Corp Has $231,000 Stake in Cummins Inc. (CMI)
Hartline Investment Corp held its stake in shares of Cummins Inc. (NYSE:CMI) during the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,528 shares of the company’s stock at the end of the first quarter. Hartline Investment Corp’s holdings in Cummins were worth $231,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Pinnacle Bank acquired a new stake in shares of Cummins during the first quarter worth $105,000. Cohen Capital Management Inc. acquired a new stake in shares of Cummins during the first quarter worth $121,000. First Manhattan Co. raised its stake in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock worth $127,000 after buying an additional 40 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of Cummins by 851.0% in the fourth quarter. Bessemer Group Inc. now owns 951 shares of the company’s stock worth $130,000 after buying an additional 851 shares in the last quarter. Finally, SRS Capital Advisors Inc. acquired a new stake in shares of Cummins during the fourth quarter worth $133,000. Hedge funds and other institutional investors own 81.19% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) opened at 164.10 on Tuesday. Cummins Inc. has a 52-week low of $105.33 and a 52-week high of $164.23. The company’s 50-day moving average price is $157.49 and its 200-day moving average price is $149.34. The stock has a market cap of $27.45 billion, a PE ratio of 18.81 and a beta of 1.06.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 2nd. The company reported $2.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.81 by $0.55. Cummins had a return on equity of 22.63% and a net margin of 8.83%. The company had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same period in the previous year, the firm posted $1.87 EPS. Cummins’s revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Friday, May 19th were issued a $1.025 dividend. This represents a $4.10 annualized dividend and a yield of 2.50%. The ex-dividend date was Wednesday, May 17th. Cummins’s payout ratio is 46.96%.
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A number of brokerages have recently weighed in on CMI. Barclays PLC lifted their price objective on Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Credit Suisse Group set a $173.00 price objective on Cummins and gave the stock a “buy” rating in a research report on Monday, March 27th. Wells Fargo & Company upgraded Cummins from a “market perform” rating to an “outperform” rating in a research report on Monday, April 17th. Seaport Global Securities began coverage on Cummins in a research report on Thursday, April 6th. They issued a “neutral” rating on the stock. Finally, Deutsche Bank AG lifted their price target on Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a research report on Thursday, April 6th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $151.40.
In related news, CEO Norman Thomas Linebarger sold 24,000 shares of Cummins stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $163.00, for a total value of $3,912,000.00. Following the sale, the chief executive officer now directly owns 24,607 shares in the company, valued at approximately $4,010,941. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $151.03, for a total value of $604,120.00. Following the completion of the sale, the insider now owns 41,902 shares in the company, valued at $6,328,459.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,576 shares of company stock worth $6,218,448. 0.62% of the stock is currently owned by insiders.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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