Stratos Wealth Partners LTD. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 6.6% during the second quarter, Holdings Channel reports. The fund owned 9,816 shares of the company’s stock after buying an additional 604 shares during the period. Stratos Wealth Partners LTD.’s holdings in Cummins were worth $1,592,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CMI. Johanson Financial Advisors Inc. boosted its stake in Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after buying an additional 7 shares during the last quarter. Bessemer Group Inc. boosted its stake in Cummins by 1.1% in the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock valued at $187,000 after buying an additional 12 shares during the last quarter. Alambic Investment Management L.P. boosted 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 valued at $365,000 after buying an additional 16 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cummins by 2.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,496 shares of the company’s stock valued at $226,000 after buying an additional 31 shares during the last quarter. Finally, Community Bank N.A. boosted its stake in Cummins by 0.3% in the first quarter. Community Bank N.A. now owns 12,359 shares of the company’s stock valued at $1,869,000 after buying an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 80.34% of the company’s stock.

Cummins Inc. (CMI) opened at 155.65 on Friday. The company’s 50 day moving average price is $162.65 and its 200-day moving average price is $155.23. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $170.68. The firm has a market capitalization of $25.99 billion, a price-to-earnings ratio of 17.59 and a beta of 1.09.

Cummins (NYSE:CMI) last issued its quarterly 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 business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.40 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors 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. This represents a $4.32 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date is Wednesday, August 16th. Cummins’s dividend payout ratio (DPR) is 46.28%.

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Several equities research analysts have commented on the company. Stifel Nicolaus boosted their target price on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada restated a “hold” rating and issued a $166.00 target price on shares of Cummins in a research note on Wednesday, July 12th. Zacks Investment Research lowered Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $161.00 price target on shares of Cummins in a research report on Wednesday, July 12th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $156.21.

In related news, VP Anant Talaulicar sold 1,650 shares of Cummins stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total transaction of $259,875.00. Following the sale, the vice president now directly owns 13,029 shares in the company, valued at $2,052,067.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $845,000.00. Following the sale, the chief financial officer now owns 245 shares in the company, valued at $41,405. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock worth $10,053,755 over the last quarter. 0.62% of the stock is currently owned by corporate insiders.

About Cummins

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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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