Cummins Inc. (NYSE:CMI) Shares Sold by Sumitomo Mitsui Asset Management Company LTD
Sumitomo Mitsui Asset Management Company LTD lowered its position in Cummins Inc. (NYSE:CMI) by 4.6% during the second quarter, Holdings Channel reports. The institutional investor owned 12,485 shares of the company’s stock after selling 607 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Cummins were worth $2,025,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in CMI. State Street Corp boosted its position in Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after buying an additional 61,286 shares in the last quarter. Vanguard Group Inc. boosted its position in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares in the last quarter. BlackRock Inc. boosted its position in Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares in the last quarter. American International Group Inc. boosted its position in Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after buying an additional 59,401 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock worth $398,200,000 after buying an additional 402,929 shares in the last quarter. Institutional investors and hedge funds own 80.34% of the company’s stock.
Cummins Inc. (NYSE CMI) opened at 160.16 on Monday. The stock has a 50 day moving average price of $163.27 and a 200 day moving average price of $154.51. The stock has a market cap of $26.75 billion, a PE ratio of 18.10 and a beta of 1.09. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the previous year, the company earned $2.40 EPS. Cummins’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a $1.08 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.70%. Cummins’s dividend payout ratio is presently 46.28%.
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CMI has been the subject of a number of research analyst reports. Deutsche Bank AG reiterated a “sell” rating and set a $154.00 price target (up from $142.00) on shares of Cummins in a report on Wednesday, May 3rd. Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 price target on shares of Cummins in a report on Monday, June 5th. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Piper Jaffray Companies reiterated a “hold” rating and set a $159.00 price target on shares of Cummins in a report on Thursday. Finally, Stifel Nicolaus increased their price target on Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company’s stock. Cummins presently has an average rating of “Hold” and a consensus target price of $154.33.
In related news, Director Georgia R. Nelson sold 1,086 shares of the stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $156.10, for a total value of $169,524.60. Following the completion of the transaction, the director now owns 16,512 shares of the company’s stock, valued at $2,577,523.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexis M. Herman sold 1,300 shares of the stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total value of $206,908.00. Following the completion of the transaction, the director now directly owns 29,656 shares of the company’s stock, valued at approximately $4,720,048.96. The disclosure for this sale can be found here. Insiders sold 60,636 shares of company stock valued at $10,000,575 in the last ninety days. Company insiders own 0.62% of the company’s stock.
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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