Massmutual Trust Co. FSB ADV trimmed its position in Cummins Inc. (NYSE:CMI) by 0.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,554 shares of the company’s stock after selling 205 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in Cummins were worth $4,207,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. Gradient Investments LLC boosted its stake in Cummins by 102.8% during the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after purchasing an additional 74 shares during the last quarter. Wetherby Asset Management Inc. boosted its stake in shares of Cummins by 1.6% in the 1st quarter. Wetherby Asset Management Inc. now owns 4,653 shares of the company’s stock worth $734,000 after buying an additional 75 shares during the last quarter. Unison Advisors LLC boosted its stake in shares of Cummins by 0.7% in the 2nd quarter. Unison Advisors LLC now owns 10,722 shares of the company’s stock worth $1,837,000 after buying an additional 77 shares during the last quarter. Chicago Equity Partners LLC boosted its stake in shares of Cummins by 1.9% in the 2nd quarter. Chicago Equity Partners LLC now owns 4,185 shares of the company’s stock worth $717,000 after buying an additional 80 shares during the last quarter. Finally, Pitcairn Co. boosted its stake in shares of Cummins by 3.0% in the 2nd quarter. Pitcairn Co. now owns 3,187 shares of the company’s stock worth $546,000 after buying an additional 93 shares during the last quarter. 82.30% of the stock is owned by institutional investors and hedge funds.
CMI stock traded down $1.45 during midday trading on Wednesday, reaching $161.57. 13,898 shares of the company’s stock traded hands, compared to its average volume of 1,231,402. The company has a 50-day moving average price of $153.26 and a two-hundred day moving average price of $160.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.04 and a current ratio of 1.66. Cummins Inc. has a 52 week low of $124.40 and a 52 week high of $175.91. The firm has a market capitalization of $25.64 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 1.30 and a beta of 1.16.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The business had revenue of $6.22 billion for the quarter, compared to the consensus estimate of $6.36 billion. During the same period in the previous year, the firm earned $4.14 EPS. The company’s revenue was up 1.5% compared to the same quarter last year. As a group, analysts predict that Cummins Inc. will post 15.84 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st were issued a dividend of $1.311 per share. This is a boost from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.24 dividend on an annualized basis and a yield of 3.25%. Cummins’s payout ratio is presently 39.61%.
A number of brokerages have recently weighed in on CMI. Loop Capital downgraded Cummins from a “hold” rating to a “sell” rating and cut their target price for the stock from $168.00 to $145.00 in a research note on Tuesday, July 2nd. Evercore ISI restated an “in-line” rating and issued a $169.00 target price (up previously from $163.00) on shares of Cummins in a research note on Friday, May 31st. Morgan Stanley cut their target price on Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Credit Suisse Group boosted their target price on Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Co lowered their price target on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a report on Monday, June 3rd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $166.67.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
Read More: What is insider trading?
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.