Nisa Investment Advisors LLC Has $13 Million Position in Cummins Inc. (CMI)
Nisa Investment Advisors LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 6.0% during the second quarter, Holdings Channel reports. The institutional investor owned 80,564 shares of the company’s stock after buying an additional 4,579 shares during the period. Nisa Investment Advisors LLC’s holdings in Cummins were worth $12,995,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in CMI. Pinnacle Bank bought a new position in Cummins during the first quarter valued at about $105,000. World Asset Management Inc increased its position in Cummins by 10.1% in the first quarter. World Asset Management Inc now owns 16,701 shares of the company’s stock valued at $2,525,000 after buying an additional 1,528 shares during the last quarter. Private Trust Co. NA bought a new position in Cummins during the first quarter valued at about $250,000. Alambic Investment Management L.P. increased its position in Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after buying an additional 16 shares during the last quarter. Finally, Alta Capital Management LLC increased its position in Cummins by 4.5% in the first quarter. Alta Capital Management LLC now owns 61,528 shares of the company’s stock valued at $9,303,000 after buying an additional 2,672 shares during the last quarter. Institutional investors own 79.95% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) opened at 163.89 on Friday. Cummins Inc. has a 12 month low of $116.03 and a 12 month high of $167.17. The firm has a market capitalization of $27.42 billion, a PE ratio of 18.79 and a beta of 1.08. The firm’s 50 day moving average is $161.63 and its 200-day moving average is $152.87.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 2nd. The company reported $2.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.81 by $0.55. The business had revenue of $4.59 billion for the quarter, compared to analyst estimates of $4.15 billion. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.87 EPS. On average, analysts expect that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a dividend of $1.08 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Wednesday, August 16th. Cummins’s dividend payout ratio is presently 46.96%.
Several research firms have issued reports on CMI. Barclays PLC set a $137.00 price objective on shares of Cummins and gave the company a “hold” rating in a report on Saturday, April 1st. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Thursday. Stifel Nicolaus reissued a “hold” rating and issued a $155.00 price target (up from $150.00) on shares of Cummins in a research note on Wednesday, May 3rd. Royal Bank Of Canada reissued a “hold” rating and issued a $166.00 price target on shares of Cummins in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $160.00 price target (up from $150.00) on shares of Cummins in a research note on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $151.84.
In related news, CEO Norman Thomas Linebarger sold 24,000 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $163.00, for a total transaction of $3,912,000.00. Following the completion of the sale, the chief executive officer now owns 24,607 shares of the company’s stock, valued at approximately $4,010,941. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of the stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total transaction of $169,524.60. Following the sale, the director now directly owns 16,512 shares of the company’s stock, valued at approximately $2,577,523.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,176 shares of company stock worth $12,900,695. Insiders own 0.62% of the company’s stock.
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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