1,165 Shares in Cummins Inc. (CMI) Acquired by Qube Research & Technologies Ltd
Qube Research & Technologies Ltd bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 1,165 shares of the company’s stock, valued at approximately $155,000.
Several other institutional investors have also modified their holdings of the business. Marietta Wealth Management LLC boosted its stake in Cummins by 22.9% in the 2nd quarter. Marietta Wealth Management LLC now owns 13,709 shares of the company’s stock worth $1,823,000 after purchasing an additional 2,557 shares during the period. Johnson Financial Group Inc. boosted its stake in shares of Cummins by 23.0% during the 2nd quarter. Johnson Financial Group Inc. now owns 9,984 shares of the company’s stock worth $1,328,000 after buying an additional 1,866 shares during the last quarter. D.A. Davidson & CO. boosted its stake in shares of Cummins by 8.9% during the 2nd quarter. D.A. Davidson & CO. now owns 40,778 shares of the company’s stock worth $5,423,000 after buying an additional 3,322 shares during the last quarter. Strs Ohio boosted its stake in shares of Cummins by 9.2% during the 2nd quarter. Strs Ohio now owns 8,744 shares of the company’s stock worth $1,162,000 after buying an additional 737 shares during the last quarter. Finally, Bridgewater Associates LP acquired a new position in shares of Cummins during the 2nd quarter worth about $31,290,000. Institutional investors own 79.22% of the company’s stock.
A number of equities analysts have recently commented on CMI shares. Standpoint Research upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Monday, June 18th. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $148.00 price objective for the company in a research note on Tuesday, July 3rd. Stifel Nicolaus increased their price objective on shares of Cummins from $160.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Wells Fargo & Co set a $158.00 target price on shares of Cummins and gave the company a “hold” rating in a report on Wednesday, August 1st. Finally, Mizuho began coverage on shares of Cummins in a report on Friday, June 29th. They issued a “neutral” rating and a $150.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have assigned a buy rating to the company. Cummins has a consensus rating of “Hold” and a consensus price target of $165.10.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.63 by ($0.31). The company had revenue of $6.13 billion during the quarter, compared to the consensus estimate of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. The firm’s revenue was up 20.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.53 earnings per share. equities analysts forecast that Cummins Inc. will post 14.94 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 22nd were issued a $1.14 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.08. This represents a $4.56 annualized dividend and a yield of 3.16%. The ex-dividend date was Tuesday, August 21st. Cummins’s dividend payout ratio is currently 42.94%.
In other Cummins news, VP Tracy A. Embree sold 462 shares of the stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $141.70, for a total value of $65,465.40. Following the transaction, the vice president now directly owns 4,122 shares of the company’s stock, valued at approximately $584,087.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Alexis M. Herman sold 735 shares of the stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $139.90, for a total transaction of $102,826.50. The disclosure for this sale can be found here. 0.67% of the stock is owned by corporate insiders.
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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