Rockefeller Capital Management L.P. lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 15.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 13,383 shares of the company’s stock after selling 2,371 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Cummins were worth $3,262,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of CMI. Rafferty Asset Management LLC boosted its position in Cummins by 23.0% during the second quarter. Rafferty Asset Management LLC now owns 3,440 shares of the company’s stock worth $839,000 after purchasing an additional 644 shares during the period. Woodley Farra Manion Portfolio Management Inc. boosted its position in Cummins by 2.7% during the second quarter. Woodley Farra Manion Portfolio Management Inc. now owns 2,683 shares of the company’s stock worth $654,000 after purchasing an additional 70 shares during the period. Centaurus Financial Inc. boosted its position in Cummins by 33.5% during the second quarter. Centaurus Financial Inc. now owns 996 shares of the company’s stock worth $243,000 after purchasing an additional 250 shares during the period. FFT Wealth Management LLC bought a new position in Cummins during the second quarter worth about $132,000. Finally, Stelac Advisory Services LLC bought a new position in Cummins during the second quarter worth about $340,000. Institutional investors and hedge funds own 80.40% of the company’s stock.
A number of brokerages have weighed in on CMI. Deutsche Bank Aktiengesellschaft cut their target price on shares of Cummins from $262.00 to $255.00 and set a “hold” rating for the company in a research report on Wednesday, July 14th. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $251.00 price objective for the company. in a research report on Thursday, July 15th. Credit Suisse Group raised their price objective on shares of Cummins from $300.00 to $307.00 and gave the company an “outperform” rating in a research report on Wednesday, August 4th. Vertical Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $280.00 price objective for the company in a research report on Monday, July 26th. Finally, Morgan Stanley cut their price objective on shares of Cummins from $271.00 to $264.00 and set an “equal weight” rating for the company in a research report on Monday, August 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $280.83.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, August 2nd. The company reported $4.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.06 by $0.04. The business had revenue of $6.10 billion for the quarter, compared to the consensus estimate of $6 billion. Cummins had a net margin of 9.52% and a return on equity of 25.26%. The company’s quarterly revenue was up 58.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.86 EPS. Analysts predict that Cummins Inc. will post 16.37 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 2nd. Stockholders of record on Friday, August 20th were issued a dividend of $1.45 per share. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, August 19th. This is a boost from Cummins’s previous quarterly dividend of $1.35. Cummins’s payout ratio is 47.62%.
Cummins Company Profile
Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, 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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