Sequoia Financial Advisors LLC lessened its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 53.9% during the first quarter, HoldingsChannel reports. The fund owned 2,668 shares of the company’s stock after selling 3,122 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Cummins were worth $786,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Seven Eight Capital LP bought a new stake in Cummins in the 3rd quarter worth about $534,000. Royal London Asset Management Ltd. grew its position in Cummins by 4.8% in the 3rd quarter. Royal London Asset Management Ltd. now owns 54,049 shares of the company’s stock worth $12,347,000 after purchasing an additional 2,460 shares in the last quarter. Royal Bank of Canada grew its position in Cummins by 2.3% in the 3rd quarter. Royal Bank of Canada now owns 829,439 shares of the company’s stock worth $189,494,000 after purchasing an additional 18,474 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Cummins by 14.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 129,516 shares of the company’s stock worth $29,589,000 after purchasing an additional 16,792 shares in the last quarter. Finally, Toroso Investments LLC grew its position in Cummins by 38.2% in the 3rd quarter. Toroso Investments LLC now owns 7,390 shares of the company’s stock worth $1,688,000 after purchasing an additional 2,041 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.
Cummins Stock Down 2.0 %
CMI opened at $266.63 on Friday. The company has a 50 day moving average of $280.16 and a 200 day moving average of $269.86. The company has a market cap of $36.47 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 1.66 and a beta of 0.99. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $304.24. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. On average, sell-side analysts expect that Cummins Inc. will post 18.81 EPS for the current year.
Cummins Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.52%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio is presently 49.19%.
Analysts Set New Price Targets
A number of brokerages have issued reports on CMI. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. TD Cowen increased their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. The Goldman Sachs Group increased their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, Raymond James started coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $287.18.
Get Our Latest Report on Cummins
Insiders Place Their Bets
In other news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction on Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction on Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.
Cummins Profile
(Free Report)
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.
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