Nicholas Investment Partners LP Purchases New Holdings in Cummins Inc. (CMI)
Nicholas Investment Partners LP purchased a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 20,847 shares of the company’s stock, valued at approximately $3,381,000.
A number of other institutional investors have also recently bought and sold shares of the stock. Johanson Financial Advisors Inc. boosted its holdings 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 acquiring an additional 7 shares during the last quarter. Good Life Advisors LLC boosted its holdings in Cummins by 0.6% in the second quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock valued at $243,000 after acquiring an additional 9 shares during the last quarter. Northwest Quadrant Wealth Management LLC boosted its holdings in Cummins by 0.5% in the second quarter. Northwest Quadrant Wealth Management LLC now owns 2,251 shares of the company’s stock valued at $360,000 after acquiring an additional 11 shares during the last quarter. Bessemer Group Inc. boosted its holdings 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 acquiring an additional 12 shares during the last quarter. Finally, Alambic Investment Management L.P. boosted its holdings 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 acquiring an additional 16 shares during the last quarter. Institutional investors and hedge funds own 80.38% of the company’s stock.
Cummins Inc. (NYSE CMI) traded up 0.24% during trading on Wednesday, hitting $167.91. The stock had a trading volume of 94,199 shares. Cummins Inc. has a one year low of $119.41 and a one year high of $170.68. The firm has a market capitalization of $28.04 billion, a P/E ratio of 18.98 and a beta of 1.10. The stock has a 50 day moving average of $158.40 and a 200 day moving average of $157.01.
Cummins (NYSE:CMI) last announced its 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 business 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 company earned $2.40 EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were given 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 was Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.58%. Cummins’s dividend payout ratio is presently 48.76%.
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In other Cummins news, COO Richard Joseph Freeland sold 22,550 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $165.00, for a total value of $3,720,750.00. Following the transaction, the chief operating officer now owns 14,131 shares in the company, valued at $2,331,615. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total value of $658,000.00. Following the completion of the transaction, the insider now owns 41,902 shares in the company, valued at approximately $6,892,879. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,183 shares of company stock worth $7,320,858. 0.62% of the stock is owned by corporate insiders.
Several research firms recently issued reports on CMI. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $186.00 price target on the stock in a report on Friday, September 15th. Jefferies Group LLC restated a “hold” rating and set a $165.00 target price (up previously from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. Stifel Nicolaus restated a “hold” rating and set a $168.00 target price (up previously from $160.00) on shares of Cummins in a report on Tuesday, August 8th. Piper Jaffray Companies restated a “hold” rating and set a $159.00 target price on shares of Cummins in a report on Thursday, August 3rd. Finally, Deutsche Bank AG reduced their target price on Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Cummins has an average rating of “Hold” and a consensus target price of $161.15.
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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