Trinity Legacy Partners LLC lessened its holdings in Cummins Inc. (NYSE:CMI) by 0.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,204 shares of the company’s stock after selling 96 shares during the quarter. Cummins accounts for 1.5% of Trinity Legacy Partners LLC’s investment portfolio, making the stock its 25th largest position. Trinity Legacy Partners LLC’s holdings in Cummins were worth $2,130,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Gradient Investments LLC grew its stake in shares of Cummins by 102.8% during the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after acquiring an additional 74 shares during the period. Wetherby Asset Management Inc. grew its stake in shares of Cummins by 1.6% during the 1st quarter. Wetherby Asset Management Inc. now owns 4,653 shares of the company’s stock worth $734,000 after acquiring an additional 75 shares during the period. Unison Advisors LLC grew its stake in shares of Cummins by 0.7% during the 2nd quarter. Unison Advisors LLC now owns 10,722 shares of the company’s stock worth $1,837,000 after acquiring an additional 77 shares during the period. Chicago Equity Partners LLC grew its stake in shares of Cummins by 1.9% during the 2nd quarter. Chicago Equity Partners LLC now owns 4,185 shares of the company’s stock worth $717,000 after acquiring an additional 80 shares during the period. Finally, Pitcairn Co. grew its stake in shares of Cummins by 3.0% during the 2nd quarter. Pitcairn Co. now owns 3,187 shares of the company’s stock worth $546,000 after acquiring an additional 93 shares during the period. Hedge funds and other institutional investors own 82.34% of the company’s stock.
CMI has been the subject of several research reports. ValuEngine downgraded Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Morgan Stanley cut their price target on Cummins from $167.00 to $162.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Wells Fargo & Co cut their price target on Cummins from $175.00 to $165.00 and set a “market perform” rating for the company in a research note on Monday, June 3rd. Credit Suisse Group increased their price target on Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Finally, Evercore ISI reiterated an “in-line” rating and set a $169.00 price target (up previously from $163.00) on shares of Cummins in a research note on Friday, May 31st. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the stock. Cummins has an average rating of “Hold” and an average target price of $166.67.
CMI traded down $0.44 during trading on Thursday, reaching $165.05. 888,841 shares of the company were exchanged, compared to its average volume of 1,272,398. The company’s 50-day moving average is $154.27 and its two-hundred day moving average is $160.72. The company has a market cap of $25.38 billion, a price-to-earnings ratio of 12.48, a P/E/G ratio of 1.27 and a beta of 1.16. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.18. Cummins Inc. has a 12-month low of $124.40 and a 12-month high of $175.91.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). The company had revenue of $6.22 billion for the quarter, compared to analysts’ expectations of $6.36 billion. Cummins had a return on equity of 29.75% and a net margin of 10.74%. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period last year, the company posted $4.14 EPS. Equities analysts forecast that Cummins Inc. will post 15.84 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st were issued a dividend of $1.311 per share. This is a boost from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.24 dividend on an annualized basis and a yield of 3.18%. Cummins’s dividend payout ratio is 39.61%.
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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