Johnson Investment Counsel Inc. Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Johnson Investment Counsel Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMIFree Report) by 15.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,538 shares of the company’s stock after selling 286 shares during the period. Johnson Investment Counsel Inc.’s holdings in Cummins were worth $377,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CMI. Synovus Financial Corp raised its stake in shares of Cummins by 254.4% in the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock valued at $1,242,000 after acquiring an additional 4,378 shares during the period. Cibc World Market Inc. increased its holdings in shares of Cummins by 65.4% in the 1st quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock valued at $3,732,000 after acquiring an additional 7,191 shares during the last quarter. Sei Investments Co. raised its position in shares of Cummins by 16.1% during the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after acquiring an additional 13,058 shares in the last quarter. Prudential PLC acquired a new position in Cummins in the first quarter worth $711,000. Finally, Cetera Investment Advisers increased its stake in Cummins by 43.0% during the first quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after purchasing an additional 1,925 shares during the last quarter. Hedge funds and other institutional investors own 81.81% of the company’s stock.

Cummins Stock Down 0.6 %

CMI stock opened at $224.16 on Tuesday. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $265.28. The company has a market capitalization of $31.77 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 1.17 and a beta of 1.07. The firm’s 50-day moving average is $225.28 and its two-hundred day moving average is $231.58. The company has a current ratio of 1.43, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Friday, November 24th will be issued a $1.68 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $6.72 annualized dividend and a dividend yield of 3.00%. Cummins’s dividend payout ratio is currently 34.25%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. started coverage on shares of Cummins in a research report on Thursday, October 5th. They set a “buy” rating for the company. Credit Suisse Group cut their price target on Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. JPMorgan Chase & Co. downgraded Cummins from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $270.00 to $255.00 in a research note on Monday, October 16th. Bank of America reduced their price target on shares of Cummins from $273.00 to $264.00 in a report on Wednesday, October 11th. Finally, The Goldman Sachs Group lifted their price objective on shares of Cummins from $241.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $264.50.

Read Our Latest Research Report on CMI

About Cummins

(Free Report)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.

Further Reading

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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