Cummins Inc. $CMI Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN lessened its holdings in Cummins Inc. (NYSE:CMI) by 7.4% during the first quarter, Holdings Channel.com reports. The firm owned 15,272 shares of the company’s stock after selling 1,224 shares during the quarter. OLD National Bancorp IN’s holdings in Cummins were worth $8,217,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Thompson Investment Management Inc. acquired a new stake in shares of Cummins in the 4th quarter valued at approximately $26,000. Activest Wealth Management grew its holdings in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the period. Wellington Shields Capital Management LLC purchased a new position in Cummins in the fourth quarter worth $27,000. Birchwood Financial Partners Inc. acquired a new stake in Cummins in the fourth quarter valued at $28,000. Finally, Kemnay Advisory Services Inc. acquired a new stake in Cummins in the fourth quarter valued at $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $686.26 on Friday. Cummins Inc. has a 12-month low of $322.45 and a 12-month high of $737.76. The stock has a market capitalization of $94.70 billion, a P/E ratio of 35.61, a P/E/G ratio of 1.78 and a beta of 1.23. The firm’s 50-day moving average is $672.37 and its two-hundred day moving average is $597.71. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.96 earnings per share. Equities analysts predict that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is presently 41.52%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CMI shares. Truist Financial set a $815.00 price target on shares of Cummins in a research note on Wednesday, May 6th. UBS Group reiterated a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $731.86.

Insider Activity

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the sale, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last three months. Company insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.