Nordea Investment Management AB boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 5.7% during the first quarter, Holdings Channel reports. The institutional investor owned 1,182,986 shares of the company’s stock after buying an additional 64,019 shares during the period. Nordea Investment Management AB owned about 0.71% of Cummins worth $178,867,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Pinnacle Bank purchased a new stake in shares of Cummins during the first quarter valued at $105,000. Cohen Capital Management Inc. bought a new position in Cummins during the first quarter worth approximately $121,000. First Manhattan Co. boosted its position in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock worth $127,000 after buying an additional 40 shares during the last quarter. Bessemer Group Inc. boosted its position in Cummins by 851.0% in the fourth quarter. Bessemer Group Inc. now owns 951 shares of the company’s stock worth $130,000 after buying an additional 851 shares during the last quarter. Finally, SRS Capital Advisors Inc. bought a new position in Cummins during the fourth quarter worth approximately $133,000. 81.14% of the stock is currently owned by institutional investors and hedge funds.
Cummins Inc. (NYSE CMI) opened at 161.56 on Friday. Cummins Inc. has a one year low of $105.33 and a one year high of $163.36. The firm’s 50-day moving average is $157.11 and its 200 day moving average is $149.05. The company has a market capitalization of $27.03 billion, a PE ratio of 18.52 and a beta of 1.06.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 2nd. The company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.55. The company had revenue of $4.59 billion during the quarter, compared to the consensus estimate of $4.15 billion. Cummins had a return on equity of 20.87% and a net margin of 8.25%. Cummins’s revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.87 EPS. On average, equities analysts expect that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Shareholders of record on Friday, May 19th were given a $1.025 dividend. This represents a $4.10 annualized dividend and a yield of 2.54%. The ex-dividend date was Wednesday, May 17th. Cummins’s dividend payout ratio is currently 46.96%.
A number of research analysts have recently commented on the stock. Stifel Nicolaus upped their price target on shares of Cummins from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Thursday. Royal Bank Of Canada restated a “hold” rating and issued a $166.00 price target on shares of Cummins in a report on Monday, June 5th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Deutsche Bank AG restated a “sell” rating and issued a $154.00 price target (up from $142.00) on shares of Cummins in a report on Wednesday, May 3rd. Finally, Jefferies Group LLC restated a “hold” rating and issued a $160.00 price target (up from $150.00) on shares of Cummins in a report on Tuesday, May 2nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $151.40.
In other news, CEO Norman Thomas Linebarger sold 24,000 shares of the business’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $163.00, for a total transaction of $3,912,000.00. Following the completion of the transaction, the chief executive officer now directly owns 24,607 shares of the company’s stock, valued at $4,010,941. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Alexis M. Herman sold 1,300 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $159.16, for a total value of $206,908.00. Following the transaction, the director now directly owns 29,656 shares of the company’s stock, valued at $4,720,048.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,576 shares of company stock valued at $6,218,448. 0.62% of the stock is currently owned by corporate insiders.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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