Dorsey & Whitney Trust CO LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI – Get Rating) by 4.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,627 shares of the company’s stock after buying an additional 62 shares during the quarter. Dorsey & Whitney Trust CO LLC’s holdings in Cummins were worth $316,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of CMI. BlackRock Inc. increased its holdings in Cummins by 4.6% during the first quarter. BlackRock Inc. now owns 12,299,282 shares of the company’s stock worth $2,522,705,000 after buying an additional 544,899 shares during the last quarter. First Trust Advisors LP lifted its stake in Cummins by 21.2% in the 1st quarter. First Trust Advisors LP now owns 1,430,972 shares of the company’s stock valued at $293,507,000 after purchasing an additional 250,062 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Cummins by 151.7% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 378,542 shares of the company’s stock worth $73,260,000 after purchasing an additional 228,142 shares during the period. Panagora Asset Management Inc. increased its position in Cummins by 90.4% during the first quarter. Panagora Asset Management Inc. now owns 366,892 shares of the company’s stock worth $75,253,000 after buying an additional 174,184 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after buying an additional 173,139 shares during the last quarter. 80.98% of the stock is currently owned by institutional investors.
Insider Activity at Cummins
In other Cummins news, Chairman Norman Thomas Linebarger sold 54,809 shares of the company’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $250.21, for a total value of $13,713,759.89. Following the completion of the transaction, the chairman now owns 137,338 shares of the company’s stock, valued at approximately $34,363,340.98. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cummins news, Chairman Norman Thomas Linebarger sold 54,809 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $250.21, for a total transaction of $13,713,759.89. Following the sale, the chairman now directly owns 137,338 shares of the company’s stock, valued at approximately $34,363,340.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 543 shares of the company’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $237.88, for a total transaction of $129,168.84. Following the completion of the transaction, the chief financial officer now owns 11,222 shares of the company’s stock, valued at $2,669,489.36. The disclosure for this sale can be found here. Insiders have sold a total of 110,214 shares of company stock valued at $27,154,095 in the last 90 days. 1.00% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Cummins Stock Performance
Cummins stock opened at $250.86 on Thursday. The stock has a market cap of $35.38 billion, a PE ratio of 18.71, a P/E/G ratio of 1.59 and a beta of 1.05. The company has a quick ratio of 0.84, a current ratio of 1.37 and a debt-to-equity ratio of 0.58. Cummins Inc. has a 12-month low of $184.27 and a 12-month high of $254.09. The business’s 50-day moving average price is $227.32 and its two-hundred day moving average price is $214.95.
Cummins (NYSE:CMI – Get Rating) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $3.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($1.67). The company had revenue of $7.33 billion for the quarter, compared to the consensus estimate of $6.96 billion. Cummins had a net margin of 7.32% and a return on equity of 22.48%. As a group, analysts expect that Cummins Inc. will post 17.35 earnings per share for the current fiscal year.
Cummins Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Friday, November 18th will be paid a $1.57 dividend. This represents a $6.28 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Thursday, November 17th. Cummins’s payout ratio is 46.83%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.
- Get a free copy of the StockNews.com research report on Cummins (CMI)
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