Scotia Capital Inc. increased its position in shares of Cummins Inc. (NYSE:CMI) by 2.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,629 shares of the company’s stock after purchasing an additional 105 shares during the period. Scotia Capital Inc.’s holdings in Cummins were worth $793,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Gradient Investments LLC lifted its position in Cummins by 102.8% in the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after acquiring an additional 74 shares during the last quarter. Wetherby Asset Management Inc. lifted its position in Cummins by 1.6% in the first quarter. Wetherby Asset Management Inc. now owns 4,653 shares of the company’s stock valued at $734,000 after acquiring an additional 75 shares during the last quarter. Unison Advisors LLC lifted its position in Cummins by 0.7% in the second quarter. Unison Advisors LLC now owns 10,722 shares of the company’s stock valued at $1,837,000 after acquiring an additional 77 shares during the last quarter. Chicago Equity Partners LLC lifted its position in Cummins by 1.9% in the second quarter. Chicago Equity Partners LLC now owns 4,185 shares of the company’s stock valued at $717,000 after acquiring an additional 80 shares during the last quarter. Finally, Pitcairn Co. lifted its position in Cummins by 3.0% in the second quarter. Pitcairn Co. now owns 3,187 shares of the company’s stock valued at $546,000 after acquiring an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 82.30% of the company’s stock.

Shares of Cummins stock traded down $1.44 on Monday, reaching $163.67. 24,025 shares of the stock were exchanged, compared to its average volume of 1,240,369. Cummins Inc. has a 1-year low of $124.40 and a 1-year high of $175.91. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.18. The business has a fifty day moving average price of $154.08 and a two-hundred day moving average price of $160.77. The firm has a market capitalization of $26.04 billion, a PE ratio of 12.39, a PEG ratio of 1.30 and a beta of 1.16.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). Cummins had a return on equity of 29.75% and a net margin of 10.74%. The firm had revenue of $6.22 billion for the quarter, compared to analyst estimates of $6.36 billion. During the same quarter last year, the firm earned $4.14 earnings per share. The company’s revenue was up 1.5% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 15.84 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st were paid a dividend of $1.311 per share. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.20%. This is a positive change from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date of this dividend was Tuesday, August 20th. Cummins’s payout ratio is 39.61%.

A number of equities research analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Evercore ISI reaffirmed an “in-line” rating and issued a $169.00 target price (up from $163.00) on shares of Cummins in a report on Friday, May 31st. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Credit Suisse Group upped their target price on shares of Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Co reduced their target price on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating for the company in a report on Monday, June 3rd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. Cummins presently has an average rating of “Hold” and an average price target of $166.67.

About Cummins

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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