IBM Retirement Fund Boosts Stake in Cummins Inc. (NYSE:CMI)
IBM Retirement Fund increased its position in Cummins Inc. (NYSE:CMI) by 121.2% during the second quarter, Holdings Channel reports. The fund owned 3,886 shares of the company’s stock after buying an additional 2,129 shares during the period. IBM Retirement Fund’s holdings in Cummins were worth $704,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Macquarie Group Ltd. raised 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 worth $1,285,000 after buying an additional 3,100 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised 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 worth $20,220,000 after buying an additional 4,724 shares during the last quarter. Manning & Napier Advisors LLC raised 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 worth $3,912,000 after buying an additional 2,071 shares during the last quarter. Trust Co bought a new position in shares of Cummins during the fourth quarter worth about $208,000. Finally, Gulf International Bank UK Ltd raised 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 worth $7,832,000 after buying an additional 500 shares during the last quarter. Institutional investors own 80.34% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) opened at 160.03 on Tuesday. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68. The company has a market cap of $26.73 billion, a P/E ratio of 18.09 and a beta of 1.09. The firm has a 50-day moving average of $163.27 and a 200 day moving average of $154.51.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the 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 firm had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the business posted $2.40 EPS. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders 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. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a yield of 2.70%. Cummins’s dividend payout ratio (DPR) is presently 46.28%.
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A number of equities research analysts recently weighed in on CMI shares. Deutsche Bank AG reissued a “sell” rating and set a $154.00 price target (up from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. Royal Bank Of Canada reissued a “hold” rating and set a $166.00 price target on shares of Cummins in a research note on Monday, June 5th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Piper Jaffray Companies reissued a “hold” rating and set a $159.00 price target on shares of Cummins in a research note on Thursday, August 3rd. Finally, Stifel Nicolaus boosted their price target on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a research note on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $154.33.
In other Cummins news, Director Alexis M. Herman sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total transaction of $206,908.00. Following the completion of the transaction, the director now owns 29,656 shares in the company, valued at approximately $4,720,048.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Pat Ward sold 5,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 245 shares of the company’s stock, valued at approximately $41,405. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,636 shares of company stock valued at $10,000,575. 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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