Traynor Capital Management Inc. Buys 429 Shares of Cummins Inc. (NYSE:CMI)

Traynor Capital Management Inc. increased its stake in Cummins Inc. (NYSE:CMI) by 7.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,390 shares of the company’s stock after buying an additional 429 shares during the quarter. Traynor Capital Management Inc.’s holdings in Cummins were worth $1,104,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. OLD Second National Bank of Aurora lifted its position in Cummins by 1.1% in the second quarter. OLD Second National Bank of Aurora now owns 13,629 shares of the company’s stock worth $2,335,000 after buying an additional 148 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in Cummins in the second quarter worth $51,000. Swiss National Bank lifted its position in Cummins by 1.1% in the first quarter. Swiss National Bank now owns 509,719 shares of the company’s stock worth $80,469,000 after buying an additional 5,300 shares during the last quarter. Zions Bancorporation N.A. bought a new stake in shares of Cummins during the first quarter worth $87,000. Finally, KG&L Capital Management LLC lifted its position in shares of Cummins by 1.5% during the first quarter. KG&L Capital Management LLC now owns 7,186 shares of the company’s stock worth $1,135,000 after purchasing an additional 104 shares during the last quarter. Institutional investors own 81.03% of the company’s stock.

Several analysts have recently weighed in on the company. Stifel Nicolaus lifted their target price on Cummins from $176.00 to $183.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Wells Fargo & Co decreased their target price on Cummins from $175.00 to $165.00 and set a “market perform” rating for the company in a research report on Monday, June 3rd. UBS Group lifted their target price on Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a research report on Wednesday, May 1st. Evercore ISI reiterated an “in-line” rating and set a $169.00 target price (up from $163.00) on shares of Cummins in a research report on Friday, May 31st. Finally, Morgan Stanley decreased their target price on Cummins from $167.00 to $162.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $166.67.

Shares of Cummins stock traded down $3.47 on Wednesday, reaching $150.93. 771,176 shares of the stock were exchanged, compared to its average volume of 1,190,766. Cummins Inc. has a twelve month low of $124.40 and a twelve month high of $175.91. The company has a market capitalization of $24.36 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 1.25 and a beta of 1.14. The company has a 50 day simple moving average of $168.80. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the Zacks’ consensus estimate of $4.38 by ($0.11). The business 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 last year, the firm earned $4.14 earnings per share. On average, research analysts predict that Cummins Inc. will post 15.84 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st will be paid a $1.311 dividend. This represents a $5.24 annualized dividend and a dividend yield of 3.47%. 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. Cummins’s dividend payout ratio is 34.47%.

Cummins Company Profile

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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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