Cummins Inc. (CMI) Position Reduced by Investec Asset Management North America Inc.
Investec Asset Management North America Inc. lowered its holdings in Cummins Inc. (NYSE:CMI) by 2.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,604 shares of the company’s stock after selling 2,151 shares during the quarter. Cummins accounts for 2.4% of Investec Asset Management North America Inc.’s holdings, making the stock its 10th largest holding. Investec Asset Management North America Inc.’s holdings in Cummins were worth $12,913,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of CMI. BlackRock Inc. raised 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 valued at $1,543,924,000 after purchasing an additional 9,867,890 shares during the period. AJO LP raised its position in Cummins by 11,096.3% in the second quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after purchasing an additional 1,139,586 shares during the period. Franklin Resources Inc. raised its position in Cummins by 434.1% in the second quarter. Franklin Resources Inc. now owns 1,380,233 shares of the company’s stock valued at $223,902,000 after purchasing an additional 1,121,833 shares during the period. Ameriprise Financial Inc. raised its position in Cummins by 82.5% in the second quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock valued at $319,426,000 after purchasing an additional 890,404 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Cummins by 39.0% in the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock valued at $303,309,000 after purchasing an additional 563,279 shares during the period. Institutional investors own 80.43% of the company’s stock.
A number of research firms have commented on CMI. Stifel Nicolaus lifted their target price on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Royal Bank Of Canada restated a “hold” rating and issued a $166.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Piper Jaffray Companies restated a “hold” rating and issued a $161.00 target price 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 note on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $161.15.
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In related news, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the sale, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Pat Ward sold 14,050 shares of the stock in a transaction on Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the completion of the sale, the chief financial officer now owns 13,395 shares of the company’s stock, valued at $2,196,110.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,233 shares of company stock valued at $9,624,355. 0.62% of the stock is owned by insiders.
Cummins Inc. (CMI) traded down 0.87% on Friday, reaching $165.23. The company had a trading volume of 2,322,073 shares. The firm has a 50-day moving average of $158.42 and a 200-day moving average of $156.70. Cummins Inc. has a 12 month low of $119.04 and a 12 month high of $170.68. The stock has a market capitalization of $27.59 billion, a P/E ratio of 18.68 and a beta of 1.10.
Cummins (NYSE:CMI) last announced 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 net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the company posted $2.40 earnings per share. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were issued a $1.08 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a yield of 2.61%. The ex-dividend date was Wednesday, August 16th. Cummins’s dividend payout ratio is currently 48.76%.
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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