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

OLD National Bancorp IN decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 7.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. Nicolet Advisory Services LLC raised its holdings in Cummins by 1.6% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after acquiring an additional 17 shares in the last quarter. Uhlmann Price Securities LLC grew its holdings in Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after acquiring an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC increased its position in shares of Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after purchasing an additional 18 shares during the last quarter. Financial Consulate Inc. increased its position in shares of Cummins by 16.8% in the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after purchasing an additional 18 shares during the last quarter. Finally, ICW Investment Advisors LLC raised its holdings in shares of Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Wells Fargo & Company lifted their price target on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $731.86.

Cummins Stock Down 5.7%

CMI stock opened at $686.26 on Friday. The company has a fifty day moving average price of $672.37 and a 200 day moving average price of $597.71. Cummins Inc. has a 12 month low of $322.45 and a 12 month high of $737.76. The company has a market cap of $94.70 billion, a price-to-earnings ratio of 35.61, a price-to-earnings-growth ratio of 1.78 and a beta of 1.23. 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 issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period last year, the firm posted $5.96 EPS. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given 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 payout ratio is 41.52%.

Insider Activity

In other Cummins news, VP Nathan R. Stoner sold 607 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the sale, the vice president directly owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This represents a 6.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,579 shares of company stock worth $9,377,684 over the last quarter. 0.30% of the stock is owned by insiders.

About Cummins

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.