Concert Wealth Management Inc. raised its position in shares of Cummins Inc. (NYSE:CMI) by 2.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,555 shares of the company’s stock after buying an additional 140 shares during the period. Concert Wealth Management Inc.’s holdings in Cummins were worth $619,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in CMI. Parsec Financial Management Inc. boosted its stake in shares of Cummins by 1.1% in the second quarter. Parsec Financial Management Inc. now owns 47,270 shares of the company’s stock worth $5,315,000 after buying an additional 497 shares during the last quarter. Weybosset Research & Management LLC boosted its stake in shares of Cummins by 5.6% in the second quarter. Weybosset Research & Management LLC now owns 40,224 shares of the company’s stock worth $4,523,000 after buying an additional 2,141 shares during the last quarter. Hudson Canyon Investment Counselors LLC boosted its stake in shares of Cummins by 11.1% in the second quarter. Hudson Canyon Investment Counselors LLC now owns 2,300 shares of the company’s stock worth $259,000 after buying an additional 230 shares during the last quarter. Burke & Herbert Bank & Trust Co. boosted its stake in shares of Cummins by 38.4% in the second quarter. Burke & Herbert Bank & Trust Co. now owns 2,532 shares of the company’s stock worth $285,000 after buying an additional 703 shares during the last quarter. Finally, Advisory Services Network LLC boosted its stake in shares of Cummins by 10.0% in the second quarter. Advisory Services Network LLC now owns 7,464 shares of the company’s stock worth $839,000 after buying an additional 680 shares during the last quarter. 81.36% of the stock is owned by institutional investors and hedge funds.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.13% during trading on Wednesday, hitting $128.03. 699,985 shares of the company traded hands. The firm has a 50 day moving average price of $123.29 and a 200-day moving average price of $117.66. Cummins Inc. has a one year low of $79.88 and a one year high of $131.04. The stock has a market cap of $21.51 billion, a price-to-earnings ratio of 17.54 and a beta of 1.46.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.25. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the previous year, the firm earned $2.62 EPS. Cummins’s revenue was down 9.7% on a year-over-year basis. Analysts predict that Cummins Inc. will post $8.14 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be given a dividend of $1.025 per share. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.21%. This is an increase from Cummins’s previous quarterly dividend of $0.98. Cummins’s payout ratio is 55.93%.
A number of brokerages have recently commented on CMI. Deutsche Bank AG upped their target price on shares of Cummins from $111.00 to $112.00 and gave the company a “sell” rating in a report on Wednesday. Barclays PLC boosted their price target on shares of Cummins from $105.00 to $108.00 and gave the stock an “underweight” rating in a research note on Wednesday. Goldman Sachs Group Inc. upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $134.00 to $162.00 in a research note on Tuesday. Credit Agricole SA initiated coverage on shares of Cummins in a research note on Friday, September 30th. They set a “buy” rating and a $150.00 price target on the stock. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $114.00 price target on shares of Cummins in a research note on Monday, September 12th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the stock. Cummins presently has a consensus rating of “Hold” and a consensus price target of $114.89.
In other Cummins news, VP Thaddeus B. Ewald sold 820 shares of the business’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $126.95, for a total transaction of $104,099.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $127.50, for a total transaction of $637,500.00. Following the sale, the chief financial officer now owns 3,024 shares in the company, valued at $385,560. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.