1ST Source Bank Continues to Hold Position in Cummins Inc. (NYSE:CMI)
1ST Source Bank maintained its stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,819 shares of the company’s stock at the end of the second quarter. 1ST Source Bank’s holdings in Cummins were worth $1,106,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the company. Macquarie Group Ltd. increased its position in shares of Cummins by 49.2% in the fourth quarter. Macquarie Group Ltd. now owns 9,400 shares of the company’s stock valued at $1,285,000 after buying an additional 3,100 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its position in shares of Cummins by 3.7% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 133,730 shares of the company’s stock valued at $20,220,000 after buying an additional 4,724 shares during the last quarter. Manning & Napier Advisors LLC increased its position in shares of Cummins by 8.7% in the first quarter. Manning & Napier Advisors LLC now owns 25,883 shares of the company’s stock valued at $3,912,000 after buying an additional 2,071 shares during the last quarter. Trust Co acquired a new position in shares of Cummins during the fourth quarter valued at $208,000. Finally, Gulf International Bank UK Ltd increased its position in shares of Cummins by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 51,801 shares of the company’s stock valued at $7,832,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 80.34% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at 160.16 on Monday. The firm has a market capitalization of $26.75 billion, a P/E ratio of 18.10 and a beta of 1.09. The firm has a 50 day moving average price of $163.27 and a 200-day moving average price of $154.51. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.40 earnings per share. Equities research analysts predict that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.70%. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. Cummins’s payout ratio is presently 46.28%.
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Several brokerages have recently weighed in on CMI. ValuEngine downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 target price on shares of Cummins in a research note on Wednesday, July 12th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $161.00 target price on shares of Cummins in a research note on Wednesday, July 12th. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a research note on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $154.33.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the sale, the chief financial officer now directly owns 245 shares in the company, valued at $41,405. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $676,000.00. Following the sale, the insider now owns 41,902 shares in the company, valued at $7,081,438. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,636 shares of company stock worth $10,000,575. 0.62% of the stock is owned by company insiders.
Cummins Company Profile
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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