BT Investment Management Ltd Buys New Stake in Cummins Inc. (CMI)

BT Investment Management Ltd bought a new position in Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 53,459 shares of the company’s stock, valued at approximately $8,672,000.

Other large investors have also recently added to or reduced their stakes in the company. Carroll Financial Associates Inc. lifted its position in Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of Cummins during the second quarter valued at approximately $137,000. First Interstate Bank increased its stake in shares of Cummins by 26.3% during the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the period. Harbour Capital Advisors LLC purchased a new position in shares of Cummins during the first quarter valued at approximately $150,000. Finally, Horrell Capital Management Inc. purchased a new position in shares of Cummins during the second quarter valued at approximately $164,000. Institutional investors own 80.43% of the company’s stock.

In other Cummins news, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the transaction, the chief financial officer now directly owns 245 shares in the company, valued at $41,405. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of the company’s 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 transaction, the director now owns 5,814 shares in the company, valued at $925,995.78. The disclosure for this sale can be found here. Insiders have sold 58,233 shares of company stock worth $9,624,355 over the last 90 days. 0.62% of the stock is owned by insiders.

Cummins Inc. (CMI) opened at 165.23 on Friday. The stock has a market capitalization of $27.59 billion, a P/E ratio of 18.68 and a beta of 1.10. The firm’s 50-day moving average price is $158.42 and its 200 day moving average price is $156.70. Cummins Inc. has a 12-month low of $119.04 and a 12-month high of $170.68.

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 analyst estimates of $4.80 billion. During the same quarter last 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. On average, equities analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.61%. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Wednesday, August 16th. Cummins’s dividend payout ratio is 48.76%.

Several research firms have recently issued reports on CMI. Deutsche Bank AG boosted their target price on Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a research note on Tuesday, July 4th. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Jefferies Group LLC reissued a “hold” rating and issued a $165.00 target price on shares of Cummins in a report on Thursday, September 7th. ValuEngine downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $159.00 target price on shares of Cummins in a report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $161.15.

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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.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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