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:CMI) 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. StockNews.com 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.

About Cummins

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.