Security National Bank of SO Dak boosted its position in Cummins Inc. (NYSE:CMI) by 5.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,793 shares of the company’s stock after buying an additional 365 shares during the period. Security National Bank of SO Dak’s holdings in Cummins were worth $1,164,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Cummins by 2.3% in the second quarter. Vanguard Group Inc. now owns 12,170,719 shares of the company’s stock valued at $2,085,331,000 after buying an additional 276,792 shares during the last quarter. BlackRock Inc. lifted its holdings in Cummins by 5.8% in the second quarter. BlackRock Inc. now owns 11,488,896 shares of the company’s stock valued at $1,968,509,000 after acquiring an additional 629,235 shares during the period. American Century Companies Inc. lifted its holdings in 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 during the period. Northern Trust Corp lifted its holdings in Cummins by 0.9% in the second quarter. Northern Trust Corp now owns 2,468,142 shares of the company’s stock valued at $422,891,000 after acquiring an additional 22,363 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Cummins by 173.8% in the second quarter. AQR Capital Management LLC now owns 2,366,771 shares of the company’s stock valued at $400,387,000 after acquiring an additional 1,502,462 shares during the period. Hedge funds and other institutional investors own 82.30% of the company’s stock.
Several research analysts recently commented on the company. Evercore ISI reissued an “in-line” rating and issued a $169.00 price objective (up from $163.00) on shares of Cummins in a research note on Friday, May 31st. ValuEngine downgraded Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Wells Fargo & Co reduced their price objective 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. Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Finally, Credit Suisse Group increased their price objective on Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $166.67.
NYSE:CMI traded up $0.20 during trading hours on Friday, hitting $162.22. The company had a trading volume of 703,854 shares, compared to its average volume of 1,183,241. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average of $152.96 and a 200 day moving average of $161.03. The company has a market cap of $25.72 billion, a P/E ratio of 12.26, a P/E/G ratio of 1.28 and a beta of 1.16. Cummins Inc. has a 1 year low of $124.40 and a 1 year high of $175.91.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share (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 firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.14 earnings per share. On average, analysts forecast that Cummins Inc. will post 15.84 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st were issued a dividend of $1.311 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This is a boost from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.23%. Cummins’s dividend payout ratio is currently 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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