Quadrant Capital Group LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 35.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,274 shares of the company’s stock after acquiring an additional 336 shares during the quarter. Quadrant Capital Group LLC’s holdings in Cummins were worth $211,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Gradient Investments LLC lifted its stake in shares of Cummins by 102.8% in the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after acquiring an additional 74 shares in the last quarter. Guidant Wealth Advisors bought a new stake in Cummins in the first quarter valued at about $29,000. Sonora Investment Management LLC bought a new stake in Cummins in the second quarter valued at about $32,000. Lenox Wealth Advisors LLC bought a new stake in Cummins in the second quarter valued at about $33,000. Finally, SeaBridge Investment Advisors LLC bought a new stake in Cummins in the first quarter valued at about $32,000. Institutional investors and hedge funds own 81.03% of the company’s stock.
Several brokerages recently weighed in on CMI. Stifel Nicolaus boosted their price objective on Cummins from $176.00 to $183.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Credit Suisse Group boosted their price objective on Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Loop Capital lowered Cummins from a “hold” rating to a “sell” rating and lowered their price objective for the company from $168.00 to $145.00 in a report on Tuesday, July 2nd. Evercore ISI reissued an “in-line” rating and issued a $169.00 price objective (up from $163.00) on shares of Cummins in a report on Friday, May 31st. Finally, Wells Fargo & Co lowered their price objective on Cummins from $175.00 to $165.00 and set a “market perform” rating for the company in a report on Monday, June 3rd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $166.67.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.38 by ($0.11). The company had revenue of $6.22 billion for the quarter, compared to the consensus estimate of $6.36 billion. Cummins had a net margin of 10.74% and a return on equity of 29.75%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the company posted $4.14 earnings per share. Equities research analysts predict that Cummins Inc. will post 15.88 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st will be issued a dividend of $1.311 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This is a positive change from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 annualized dividend and a dividend yield of 3.45%. 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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