Parsons Capital Management Inc. RI lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,747 shares of the company’s stock after purchasing an additional 249 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Cummins were worth $1,670,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also modified their holdings of the company. OLD Second National Bank of Aurora increased its stake in shares of Cummins by 1.1% during the second quarter. OLD Second National Bank of Aurora now owns 13,629 shares of the company’s stock worth $2,335,000 after buying an additional 148 shares during the period. Autus Asset Management LLC increased its stake in shares of Cummins by 5.6% during the second quarter. Autus Asset Management LLC now owns 2,828 shares of the company’s stock worth $485,000 after buying an additional 150 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Cummins during the second quarter worth approximately $51,000. Swiss National Bank increased its stake in shares of Cummins by 1.1% during the first quarter. Swiss National Bank now owns 509,719 shares of the company’s stock worth $80,469,000 after buying an additional 5,300 shares during the period. Finally, Zions Bancorporation N.A. purchased a new stake in shares of Cummins during the first quarter worth approximately $87,000. 81.51% of the stock is currently owned by institutional investors and hedge funds.
Cummins stock traded up $3.81 during mid-day trading on Friday, hitting $149.84. The company had a trading volume of 45,617 shares, compared to its average volume of 1,365,219. The stock has a market cap of $23.40 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 1.19 and a beta of 1.14. Cummins Inc. has a 1 year low of $124.40 and a 1 year high of $175.91. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.18. The business has a fifty day moving average of $165.23 and a 200 day moving average of $161.07.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.38 by ($0.11). The company had revenue of $6.22 billion during the quarter, compared to analysts’ expectations of $6.36 billion. Cummins had a net margin of 10.74% and a return on equity of 29.75%. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.14 earnings per share. Equities analysts anticipate that Cummins Inc. will post 15.84 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st will be given a dividend of $1.311 per share. The ex-dividend date is Tuesday, August 20th. This is a positive change from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.50%. Cummins’s dividend payout ratio (DPR) is 34.47%.
A number of analysts recently weighed in on the stock. UBS Group upped their target price on shares of Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a research note on Wednesday, May 1st. Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Credit Suisse Group upped their target price on shares of Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Wells Fargo & Co cut their target price on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a research note on Monday, June 3rd. Finally, ValuEngine lowered shares of Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. Cummins presently 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.
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