OLD National Bancorp IN Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

OLD National Bancorp IN reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 8.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 22,703 shares of the company’s stock after selling 2,140 shares during the period. OLD National Bancorp IN’s holdings in Cummins were worth $7,116,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CMI. Brighton Jones LLC grew its stake in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the period. Stratos Wealth Partners LTD. boosted its stake in shares of Cummins by 8.7% in the fourth quarter. Stratos Wealth Partners LTD. now owns 1,830 shares of the company’s stock valued at $638,000 after purchasing an additional 147 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cummins by 54.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,051 shares of the company’s stock valued at $6,320,000 after purchasing an additional 6,350 shares during the period. Robertson Stephens Wealth Management LLC purchased a new position in shares of Cummins in the fourth quarter valued at $316,000. Finally, Consolidated Portfolio Review Corp purchased a new position in shares of Cummins in the fourth quarter valued at $592,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CMI shares. Robert W. Baird decreased their target price on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and decreased their target price for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Truist Financial decreased their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. Citigroup upped their target price on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $357.25.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone bought 1,000 shares of the company’s stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is owned by corporate insiders.

Cummins Trading Up 1.1%

NYSE CMI opened at $326.74 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $45.01 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. The company’s fifty day moving average price is $304.31 and its two-hundred day moving average price is $338.38.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.08 EPS. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.23%. Cummins’s dividend payout ratio (DPR) is 36.22%.

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.