Dai Ichi Life Insurance Company Ltd grew its position in Cummins Inc. (NYSE:CMI) by 18.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,215 shares of the company’s stock after purchasing an additional 9,354 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in Cummins were worth $9,606,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Carroll Financial Associates Inc. raised its stake in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the period. First Interstate Bank grew its position in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after purchasing an additional 194 shares during the last quarter. Harbour Capital Advisors LLC acquired a new position in shares of Cummins in the first quarter valued at approximately $150,000. Horrell Capital Management Inc. acquired a new position in shares of Cummins in the second quarter valued at approximately $164,000. Finally, Pathstone Family Office LLC acquired a new stake in Cummins during the first quarter worth approximately $153,000. Institutional investors and hedge funds own 80.43% of the company’s stock.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the firm’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 value of $260,087.91. Following the sale, the director now owns 5,814 shares of the company’s stock, valued at $925,995.78. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jill E. Cook sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $165.86, for a total transaction of $1,161,020.00. Following the completion of the sale, the insider now directly owns 9,671 shares in the company, valued at approximately $1,604,032.06. The disclosure for this sale can be found here. Insiders have sold 58,233 shares of company stock worth $9,624,355 in the last three months. Corporate insiders own 0.62% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded down 0.87% on Friday, reaching $165.23. 2,322,073 shares of the company were exchanged. Cummins Inc. has a 12-month low of $119.04 and a 12-month high of $170.68. The firm has a market capitalization of $27.59 billion, a P/E ratio of 18.68 and a beta of 1.10. The firm has a 50-day moving average of $158.42 and a 200 day moving average of $156.70.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by ($0.05). The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business earned $2.40 EPS. On average, equities analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend was Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 48.76%.
Several research firms have weighed in on CMI. ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $186.00 price target for the company in a research note on Friday. Piper Jaffray Companies reaffirmed a “hold” rating and set a $159.00 target price on shares of Cummins in a research report on Tuesday, September 12th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $161.15.
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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