OLD National Bancorp IN Has $6.37 Million Stock Holdings in Cummins Inc. $CMI

OLD National Bancorp IN decreased its position in Cummins Inc. (NYSE:CMI) by 14.3% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 19,452 shares of the company’s stock after selling 3,251 shares during the period. OLD National Bancorp IN’s holdings in Cummins were worth $6,371,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares in the last quarter. Procyon Advisors LLC lifted its position in Cummins by 5.9% during the 1st quarter. Procyon Advisors LLC now owns 1,457 shares of the company’s stock worth $457,000 after buying an additional 81 shares in the last quarter. SeaCrest Wealth Management LLC boosted its stake in shares of Cummins by 9.8% during the 1st quarter. SeaCrest Wealth Management LLC now owns 1,069 shares of the company’s stock worth $335,000 after buying an additional 95 shares during the last quarter. Independence Bank of Kentucky grew its holdings in shares of Cummins by 1.9% in the 1st quarter. Independence Bank of Kentucky now owns 2,640 shares of the company’s stock valued at $827,000 after acquiring an additional 50 shares in the last quarter. Finally, Sivia Capital Partners LLC acquired a new stake in shares of Cummins in the first quarter valued at about $328,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $432.87 on Monday. The firm has a 50-day moving average price of $400.74 and a two-hundred day moving average price of $346.10. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $437.66. The company has a market capitalization of $59.65 billion, a P/E ratio of 20.35, a P/E/G ratio of 2.09 and a beta of 1.04. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.26 EPS. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s payout ratio is presently 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares of the company’s stock, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,119 shares of company stock worth $14,159,885 over the last 90 days. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Finally, Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $393.57.

Cummins Company Profile

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.