Public Employees Retirement Association of Colorado Has $4.92 Million Position in Cummins Inc. (NYSE:CMI)
Public Employees Retirement Association of Colorado reduced its position in shares of Cummins Inc. (NYSE:CMI) by 0.0% during the second quarter, Holdings Channel reports. The institutional investor owned 30,353 shares of the company’s stock after selling 8 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Cummins were worth $4,924,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Pinnacle Bank bought a new stake in Cummins during the first quarter worth about $105,000. World Asset Management Inc increased its stake in Cummins by 10.1% in the first quarter. World Asset Management Inc now owns 16,701 shares of the company’s stock worth $2,525,000 after buying an additional 1,528 shares during the last quarter. Private Trust Co. NA bought a new stake in Cummins during the first quarter worth about $250,000. Alambic Investment Management L.P. increased its stake in Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock worth $365,000 after buying an additional 16 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Cummins by 8.6% in the first quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock worth $118,055,000 after buying an additional 62,046 shares during the last quarter. 80.34% of the stock is owned by institutional investors and hedge funds.
Cummins Inc. (NYSE CMI) opened at 160.03 on Tuesday. The stock has a market capitalization of $26.73 billion, a P/E ratio of 18.09 and a beta of 1.09. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68. The stock has a 50 day moving average of $163.27 and a 200 day moving average of $154.51.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the business earned $2.40 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts predict that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The business 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 represents a $4.32 annualized dividend and a yield of 2.70%. The ex-dividend date is Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is 46.28%.
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A number of research firms recently issued reports on CMI. Stifel Nicolaus boosted their target price on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. Goldman Sachs Group, Inc. (The) downgraded shares of Cummins from a “conviction-buy” rating to a “buy” rating in a report on Monday. Royal Bank Of Canada restated a “hold” rating and issued a $166.00 target price on shares of Cummins in a report on Wednesday, July 12th. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Seaport Global Securities restated a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $154.33.
In other Cummins news, Director Alexis M. Herman sold 1,300 shares of the stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $159.16, for a total transaction of $206,908.00. Following the transaction, the director now owns 29,656 shares in the company, valued at $4,720,048.96. The sale was disclosed in a filing with the SEC, which is available at 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 shares were sold at an average price of $156.10, for a total value of $169,524.60. Following the transaction, the director now owns 16,512 shares in the company, valued at approximately $2,577,523.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,636 shares of company stock worth $10,000,575. Corporate 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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