Cummins Inc. $CMI Shares Sold by Bank of Montreal Can

Bank of Montreal Can decreased its position in shares of Cummins Inc. (NYSE:CMI) by 20.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 331,040 shares of the company’s stock after selling 85,927 shares during the period. Bank of Montreal Can owned 0.24% of Cummins worth $139,821,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CMI. Brighton Jones LLC raised its holdings in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the last quarter. Intech Investment Management LLC lifted its position in Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after buying an additional 1,146 shares during the period. Wedbush Securities Inc. boosted its stake in Cummins by 5.7% in the 2nd quarter. Wedbush Securities Inc. now owns 1,518 shares of the company’s stock worth $497,000 after buying an additional 82 shares during the last quarter. Penserra Capital Management LLC boosted its stake in Cummins by 13.0% in the 2nd quarter. Penserra Capital Management LLC now owns 756 shares of the company’s stock worth $246,000 after buying an additional 87 shares during the last quarter. Finally, Prospera Financial Services Inc grew its holdings in Cummins by 36.8% in the 2nd quarter. Prospera Financial Services Inc now owns 4,412 shares of the company’s stock valued at $1,447,000 after buying an additional 1,188 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $556.71 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The firm has a market capitalization of $76.92 billion, a P/E ratio of 27.13, a P/E/G ratio of 1.74 and a beta of 1.12. The business’s 50-day simple moving average is $572.34 and its 200-day simple moving average is $493.52.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the prior year, the company earned $5.16 EPS. The company’s revenue was up 1.1% on a year-over-year basis. Equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio is presently 38.99%.

Insiders Place Their Bets

In related news, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the sale, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Wolfe Research downgraded shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a research note on Monday, January 26th. Robert W. Baird set a $580.00 target price on shares of Cummins in a report on Friday, February 6th. Barclays upped their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. increased their price target on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins 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.