Sandy Spring Bank cut its holdings in Cummins Inc. (NYSE:CMI) by 25.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,125 shares of the company’s stock after selling 380 shares during the quarter. Sandy Spring Bank’s holdings in Cummins were worth $193,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. LSV Asset Management boosted its holdings in shares of Cummins by 1.7% in the first quarter. LSV Asset Management now owns 3,737,105 shares of the company’s stock valued at $589,976,000 after acquiring an additional 62,642 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Cummins by 41.7% in the first quarter. American Century Companies Inc. now owns 3,555,700 shares of the company’s stock valued at $561,338,000 after acquiring an additional 1,046,677 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cummins by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 2,495,807 shares of the company’s stock valued at $333,085,000 after acquiring an additional 97,017 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Cummins by 3.4% in the first quarter. Wells Fargo & Company MN now owns 1,957,135 shares of the company’s stock valued at $308,972,000 after acquiring an additional 64,883 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in shares of Cummins by 0.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,520,785 shares of the company’s stock valued at $240,086,000 after acquiring an additional 10,845 shares in the last quarter. Institutional investors own 81.51% of the company’s stock.
Several brokerages have recently weighed in on CMI. Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Loop Capital downgraded shares of Cummins from a “hold” rating to a “sell” rating and decreased their price objective for the stock from $168.00 to $145.00 in a report on Tuesday, July 2nd. Wells Fargo & Co decreased their price objective 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. UBS Group boosted their price objective on shares of Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a report on Wednesday, May 1st. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Friday, May 3rd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. Cummins currently has an average rating of “Hold” and a consensus target price of $166.67.
Shares of NYSE CMI traded up $3.43 on Friday, hitting $149.46. The company’s stock had a trading volume of 38,551 shares, compared to its average volume of 1,365,219. Cummins Inc. has a 12-month low of $124.40 and a 12-month high of $175.91. The company has a market capitalization of $23.40 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 1.19 and a beta of 1.14. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 1.04. The stock has a 50 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 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $6.36 billion. During the same period last year, the company earned $4.14 EPS. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 15.84 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st will be issued a $1.311 dividend. This represents a $5.24 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Tuesday, August 20th. This is an increase from Cummins’s previous quarterly dividend of $1.14. Cummins’s dividend payout ratio is 34.47%.
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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