Flagship Harbor Advisors LLC Has $167,000 Holdings in Cummins Inc. (NYSE:CMI)

Flagship Harbor Advisors LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 24.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 980 shares of the company’s stock after selling 324 shares during the period. Flagship Harbor Advisors LLC’s holdings in Cummins were worth $167,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Gradient Investments LLC grew its stake in Cummins by 102.8% in the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after buying an additional 74 shares during the last quarter. Unison Advisors LLC grew its stake in Cummins by 0.7% in the 1st quarter. Unison Advisors LLC now owns 10,645 shares of the company’s stock valued at $1,681,000 after buying an additional 75 shares during the last quarter. Whitener Capital Management Inc. grew its stake in Cummins by 2.8% in the 1st quarter. Whitener Capital Management Inc. now owns 2,800 shares of the company’s stock valued at $442,000 after buying an additional 75 shares during the last quarter. Wetherby Asset Management Inc. boosted its holdings in Cummins by 1.6% in the 1st quarter. Wetherby Asset Management Inc. now owns 4,653 shares of the company’s stock valued at $734,000 after purchasing an additional 75 shares during the period. Finally, Trust Co. of Vermont boosted its holdings in Cummins by 3.1% in the 1st quarter. Trust Co. of Vermont now owns 2,918 shares of the company’s stock valued at $461,000 after purchasing an additional 88 shares during the period. Institutional investors and hedge funds own 81.45% of the company’s stock.

CMI has been the subject of a number of recent research reports. Stifel Nicolaus boosted their price objective on shares of Cummins from $176.00 to $183.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Wells Fargo & Co cut their price objective on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating for the company in a report on Monday, June 3rd. UBS Group boosted their price objective on shares of Cummins from $130.00 to $135.00 and gave the company a “sell” rating in a report on Wednesday, May 1st. Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, Morgan Stanley cut their price objective on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $166.67.

Shares of Cummins stock traded down $4.66 on Friday, reaching $142.02. 1,285,247 shares of the stock were exchanged, compared to its average volume of 1,463,731. The firm’s 50 day moving average is $161.64 and its 200-day moving average is $160.83. Cummins Inc. has a one year low of $124.40 and a one year high of $175.91. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.04 and a current ratio of 1.66. The firm has a market cap of $23.14 billion, a PE ratio of 10.73, a P/E/G ratio of 1.16 and a beta of 1.14.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $4.38 by ($0.11). Cummins had a return on equity of 29.75% and a net margin of 10.74%. The firm had revenue of $6.22 billion for the quarter, compared to the consensus estimate of $6.36 billion. During the same period last year, the company posted $4.14 EPS. The business’s revenue was up 1.5% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 15.84 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st will be given a dividend of $1.311 per share. This represents a $5.24 dividend on an annualized basis and a yield of 3.69%. This is a boost from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date is Tuesday, August 20th. Cummins’s dividend payout ratio is currently 39.61%.

Cummins Profile

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: Hold Rating

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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