Cummins Inc. (CMI) Shares Bought by Kalos Management Inc.
Kalos Management Inc. boosted its holdings in Cummins Inc. (NYSE:CMI) by 2.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,729 shares of the company’s stock after purchasing an additional 353 shares during the period. Cummins makes up 2.6% of Kalos Management Inc.’s portfolio, making the stock its 8th largest position. Kalos Management Inc.’s holdings in Cummins were worth $2,876,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the business. Johanson Financial Advisors Inc. lifted 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 worth $303,000 after purchasing an additional 7 shares during the last quarter. Good Life Advisors LLC lifted its stake in Cummins by 0.6% in the second quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock worth $243,000 after purchasing an additional 9 shares during the last quarter. Northwest Quadrant Wealth Management LLC lifted its stake in Cummins by 0.5% in the second quarter. Northwest Quadrant Wealth Management LLC now owns 2,251 shares of the company’s stock worth $360,000 after purchasing an additional 11 shares during the last quarter. Bessemer Group Inc. lifted its stake in Cummins by 1.1% in the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock worth $187,000 after purchasing an additional 12 shares during the last quarter. Finally, Alambic Investment Management L.P. lifted 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 worth $365,000 after purchasing an additional 16 shares during the last quarter. 80.38% of the stock is owned by institutional investors and hedge funds.
Several research firms have weighed in on CMI. Deutsche Bank AG reissued a “sell” rating and issued a $159.00 price target (up from $147.00) on shares of Cummins in a research note on Monday. Wells Fargo & Company boosted their price target on shares of Cummins from $184.50 to $190.00 and gave the stock a “market perform” rating in a research note on Friday, October 6th. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $159.00 price target on shares of Cummins in a research note on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $164.52.
Shares of Cummins Inc. (CMI) traded down 0.43% during trading on Wednesday, hitting $172.22. 209,021 shares of the stock traded hands. The stock has a market cap of $28.87 billion, a PE ratio of 19.46 and a beta of 1.13. The firm’s 50-day moving average price is $164.06 and its 200-day moving average price is $158.90. Cummins Inc. has a 12 month low of $121.22 and a 12 month high of $173.15.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the firm posted $2.40 earnings per share. Cummins’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.50%. Cummins’s dividend payout ratio is presently 48.76%.
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In related news, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total transaction of $676,000.00. Following the completion of the transaction, the insider now directly owns 41,902 shares of the company’s stock, valued at approximately $7,081,438. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the transaction, the director now directly owns 5,814 shares of the company’s stock, valued at $925,995.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,633 shares of company stock valued at $2,942,108. 0.62% of the stock is owned by corporate insiders.
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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