Cummins Inc. (CMI) Shares Bought by Ropes Wealth Advisors LLC
Ropes Wealth Advisors LLC raised its stake in Cummins Inc. (NYSE:CMI) by 1.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,730 shares of the company’s stock after buying an additional 67 shares during the period. Ropes Wealth Advisors LLC’s holdings in Cummins were worth $605,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. State Street Corp increased its holdings 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 holdings in Cummins by 2.6% in the second quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock valued at $1,884,074,000 after buying an additional 298,352 shares in the last quarter. BlackRock Inc. increased its holdings in Cummins by 4.1% in the second quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock valued at $1,724,930,000 after buying an additional 422,135 shares in the last quarter. American International Group Inc. increased its holdings 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 holdings in Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock valued at $439,732,000 after buying an additional 77,116 shares in the last quarter. 80.38% of the stock is owned by institutional investors.
A number of brokerages have issued reports on CMI. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $187.00 target price for the company in a report on Thursday. Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 target price (up from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $168.00 target price (up from $160.00) on shares of Cummins in a report on Tuesday, August 8th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $159.00 target price on shares of Cummins in a report on Thursday, August 3rd. Finally, Deutsche Bank AG dropped their target price on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $161.21.
Cummins Inc. (CMI) traded up 0.90% during mid-day trading on Friday, reaching $167.98. 925,006 shares of the company’s stock traded hands. Cummins Inc. has a 52-week low of $119.41 and a 52-week high of $170.68. The company has a market capitalization of $28.05 billion, a price-to-earnings ratio of 18.99 and a beta of 1.10. The company has a 50-day moving average of $158.40 and a 200-day moving average of $157.01.
Cummins (NYSE:CMI) last released 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 analyst estimates of $4.80 billion. During the same period in the prior year, the company earned $2.40 earnings per share. 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 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a dividend of $1.08 per share. The ex-dividend date of this dividend was Wednesday, August 16th. This is a positive change from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a yield of 2.57%. Cummins’s dividend payout ratio is currently 48.76%.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the sale, the director now owns 5,814 shares in the company, valued at $925,995.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total transaction of $658,000.00. Following the sale, 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. Over the last three months, insiders have sold 44,183 shares of company stock valued at $7,320,858. Company insiders own 0.62% of the company’s stock.
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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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