Level Four Advisory Services LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 48.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,616 shares of the company’s stock after selling 3,415 shares during the quarter. Level Four Advisory Services LLC’s holdings in Cummins were worth $542,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of 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 purchasing an additional 61,286 shares during the period. Vanguard Group Inc. grew its position in shares of 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 purchasing an additional 298,352 shares during the period. BlackRock Inc. lifted its stake in shares of Cummins by 4.1% in the second quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after buying an additional 422,135 shares in the last quarter. American International Group Inc. lifted its stake in shares of Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after buying an additional 59,401 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after buying an additional 77,116 shares in the last quarter. Institutional investors own 80.80% of the company’s stock.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the 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 completion of the transaction, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.62% of the stock is currently owned by company insiders.
Shares of Cummins Inc. (NYSE:CMI) traded down 0.1057% during trading on Friday, reaching $178.4511. 311,689 shares of the company’s stock were exchanged. The company’s 50-day moving average is $169.87 and its 200 day moving average is $160.78. The stock has a market capitalization of $29.80 billion, a PE ratio of 20.1708 and a beta of 1.13. Cummins Inc. has a 52 week low of $121.22 and a 52 week high of $180.32.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by ($0.05). The business had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.40 earnings per share. On average, analysts forecast that Cummins Inc. will post $7.98 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.42%. Cummins’s payout ratio is presently 48.76%.
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A number of equities research analysts have recently issued reports on CMI shares. Stifel Nicolaus boosted their price target on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada restated a “hold” rating and issued a $166.00 price objective on shares of Cummins in a report on Wednesday, July 12th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Deutsche Bank AG dropped their price objective 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. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $161.00 price target on shares of Cummins in a report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $164.91.
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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