Braun Stacey Associates Inc. Increases Stake in Cummins Inc. (CMI)
Braun Stacey Associates Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 1.5% during the second quarter, Holdings Channel reports. The institutional investor owned 136,886 shares of the company’s stock after buying an additional 1,984 shares during the period. Cummins comprises about 1.4% of Braun Stacey Associates Inc.’s investment portfolio, making the stock its 5th largest position. Braun Stacey Associates Inc.’s holdings in Cummins were worth $22,206,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. State Street Corp increased its stake in Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock valued at $1,850,515,000 after buying an additional 61,286 shares in the last quarter. Vanguard Group Inc. increased its stake in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock valued at $1,710,973,000 after buying an additional 510,416 shares in the last quarter. BlackRock Inc. increased its stake in Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares in the last quarter. American International Group Inc. increased its stake in Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock valued at $524,826,000 after buying an additional 59,401 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock valued at $398,200,000 after buying an additional 402,929 shares in the last quarter. Institutional investors own 80.34% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at 155.83 on Friday. The firm has a market capitalization of $26.02 billion, a PE ratio of 17.61 and a beta of 1.09. The company has a 50-day moving average of $162.75 and a 200 day moving average of $155.12. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $170.68.
Cummins (NYSE:CMI) last announced its quarterly earnings data 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. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.40 EPS. On average, analysts predict that Cummins Inc. will post $7.98 EPS for the current 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 paid 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 2.77%. Cummins’s dividend payout ratio (DPR) is presently 46.28%.
Several equities research analysts have issued reports on CMI shares. Deutsche Bank AG reiterated a “sell” rating and set a $154.00 price objective (up from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. Royal Bank Of Canada restated a “hold” rating and issued a $166.00 target price on shares of Cummins in a research note on Monday, June 5th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Piper Jaffray Companies restated a “hold” rating and issued a $159.00 target price on shares of Cummins in a research note on Thursday, August 3rd. Finally, Stifel Nicolaus upped their target price on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. One equities research 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. Cummins has an average rating of “Hold” and an average price target of $156.21.
In other news, VP Anant Talaulicar sold 1,650 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total value of $259,875.00. Following the sale, the vice president now owns 13,029 shares in the company, valued at $2,052,067.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Georgia R. Nelson sold 1,086 shares of the firm’s stock in a transaction 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 completion of the sale, 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 90 days, insiders sold 60,969 shares of company stock worth $10,053,755. 0.62% of the stock is currently owned by corporate 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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