Raymond James & Associates sells 7,125 shares of Cummins Inc. (NYSE:CMI)

Raymond James & Associates reduced its stake in Cummins Inc. (NYSE:CMI – Free Report) by 2.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 251,979 shares of the company’s stock after selling 7,125 shares during the period. Raymond James & Associates owned approximately 0.18% of Cummins worth $69,781,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have recently made changes to their positions in the company. Beacon Financial Group boosted its holdings in shares of Cummins by 7.0% during the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after buying an additional 126 shares during the period. KBC Group NV raised its stake in Cummins by 283.2% during the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after buying an additional 57,341 shares in the period time. Manning & Napier Advisors LLC bought a new stake in shares of Cummins in the second quarter valued at about $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP raised its stake in shares of Cummins by 190.3% in the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after purchasing an additional 12,087 shares during the last quarter. Institutional investors own 83.46% of the company’s shares.

Changes in Analyst Ratings

Several research firms recently issued reports on CMI. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. TD Cowen upped their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Finally, Citigroup began coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Cummins presently has an average rating of “Hold” and an average price target of $295.00, based on data from MarketBeat.com.

Read our latest analysis of CMI

Insider trading at Cummins

In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a filing with the SEC, which can be accessed via this link. Company insiders own 0.56% of the company’s shares.

Cummins stock performance

Shares of CMI stock opened at $301.65 on Monday. The company has a current ratio of 1.34, a quick ratio of 0.84, and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $283.32 and a 200-day moving average price of $280.93. The company has a market cap of $41.26 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83.

Cummins (NYSE:CMI – Get Free Report ) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. In the same quarter last year, the firm earned $5.18 EPS. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities analysts estimate that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins increases dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23. This is an increase from Cummins’ previous quarterly dividend of $1.68. This represents an annualized dividend of $7.28 and a yield of 2.41%. Cummins’s payout ratio is currently 53.29%.

Cummins profile

(Free report)

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines, electric and hybrid engines and related components worldwide. It operates through five segments: Engine, Timing, Components, Power Systems and Throttle. The company provides diesel and natural gas engines under the Cummins and other customers’ brands for the heavy- and medium-duty truck, bus, recreational vehicle, light vehicle, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and service as well as remanufactured parts and engines.

See Also

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