CIBC Bancorp USA Inc. Takes Position in Cummins Inc. $CMI

CIBC Bancorp USA Inc. acquired a new position in Cummins Inc. (NYSE:CMI) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 19,009 shares of the company’s stock, valued at approximately $8,029,000.

Other large investors also recently added to or reduced their stakes in the company. Oarsman Capital Inc. boosted its stake in shares of Cummins by 4.6% during the 3rd quarter. Oarsman Capital Inc. now owns 5,600 shares of the company’s stock worth $2,365,000 after acquiring an additional 244 shares during the last quarter. First Affirmative Financial Network increased its stake in shares of Cummins by 15.4% in the 3rd quarter. First Affirmative Financial Network now owns 705 shares of the company’s stock worth $298,000 after purchasing an additional 94 shares in the last quarter. Caerus Investment Advisors LLC purchased a new stake in shares of Cummins in the 3rd quarter worth $497,000. First Commonwealth Financial Corp PA raised its holdings in Cummins by 3.5% in the 3rd quarter. First Commonwealth Financial Corp PA now owns 1,233 shares of the company’s stock worth $521,000 after purchasing an additional 42 shares during the period. Finally, Captrust Financial Advisors lifted its position in Cummins by 3.8% during the third quarter. Captrust Financial Advisors now owns 58,917 shares of the company’s stock valued at $24,885,000 after purchasing an additional 2,159 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In other news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The stock was 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 in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,195 shares of company stock worth $18,397,489 over the last quarter. 0.41% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CMI shares. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. UBS Group set a $565.00 price objective on Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. boosted their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Raymond James Financial increased their target price on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, February 9th. Finally, Argus set a $696.00 target price on shares of Cummins in a research note on Tuesday, February 10th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Stock Performance

Shares of NYSE:CMI opened at $532.73 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The company has a market capitalization of $73.60 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 1.71 and a beta of 1.12. The firm’s 50-day moving average is $573.85 and its 200 day moving average is $500.13.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s payout ratio is presently 38.99%.

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.