Peregrine Asset Advisers Inc. Buys New Position in Cummins Inc. (CMI)

Peregrine Asset Advisers Inc. bought a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 21,474 shares of the company’s stock, valued at approximately $3,560,000. Cummins accounts for about 2.3% of Peregrine Asset Advisers Inc.’s portfolio, making the stock its 19th largest holding.

A number of other hedge funds also recently modified their holdings of the business. Johanson Financial Advisors Inc. boosted its stake in Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after acquiring an additional 7 shares during the period. Good Life Advisors LLC boosted its position in shares of Cummins by 0.6% during the second quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock worth $243,000 after buying an additional 9 shares during the period. Northwest Quadrant Wealth Management LLC boosted its position in shares of Cummins by 0.5% during the second quarter. Northwest Quadrant Wealth Management LLC now owns 2,251 shares of the company’s stock worth $360,000 after buying an additional 11 shares during the period. Bessemer Group Inc. boosted its position in shares of Cummins by 1.1% during the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock worth $187,000 after buying an additional 12 shares during the period. Finally, Alambic Investment Management L.P. boosted its position in shares of Cummins by 0.7% during the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock worth $365,000 after buying an additional 16 shares during the period. Institutional investors own 80.43% of the company’s stock.

Cummins Inc. (NYSE CMI) traded up 0.64% on Tuesday, hitting $165.73. The company’s stock had a trading volume of 316,462 shares. The company has a market capitalization of $27.68 billion, a P/E ratio of 18.73 and a beta of 1.10. The company has a 50 day moving average price of $158.29 and a 200-day moving average price of $156.27. Cummins Inc. has a 1-year low of $116.87 and a 1-year high of $170.68.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the business posted $2.40 earnings per share. Cummins’s revenue was up 12.1% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were issued a $1.08 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This is a positive change from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a yield of 2.62%. Cummins’s dividend payout ratio (DPR) is 48.76%.

In other Cummins news, CFO Pat Ward sold 14,050 shares of the stock in a transaction on Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the sale, the chief financial officer now directly owns 13,395 shares in the company, valued at $2,196,110.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction on 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 sale, the director now owns 5,814 shares in the company, valued at $925,995.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,233 shares of company stock worth $9,624,355. Company insiders own 0.62% of the company’s stock.

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Several equities analysts have recently issued reports on the company. Jefferies Group LLC reiterated a “hold” rating and set a $165.00 price objective (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus reiterated a “hold” rating and set a $168.00 price objective (up from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Piper Jaffray Companies reiterated a “hold” rating and set a $159.00 price objective on shares of Cummins in a research report on Thursday, August 3rd. Deutsche Bank AG reduced their price objective on Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $177.00 price objective for the company in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and an average target price of $160.58.

About Cummins

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.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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