First Midwest Bank Trust Division lessened its stake in Cummins Inc. (NYSE:CMI) by 19.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,457 shares of the company’s stock after selling 3,941 shares during the quarter. First Midwest Bank Trust Division’s holdings in Cummins were worth $2,765,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. AJO LP raised its stake in shares of Cummins by 11,096.3% in the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after purchasing an additional 1,139,586 shares in the last quarter. Kirr Marbach & Co. LLC IN acquired a new stake in shares of Cummins in the 3rd quarter valued at about $255,000. AGF Investments America Inc. raised its stake in shares of Cummins by 41.5% in the 2nd quarter. AGF Investments America Inc. now owns 38,653 shares of the company’s stock valued at $6,270,000 after purchasing an additional 11,338 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Cummins by 8.6% in the 1st quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock valued at $118,055,000 after purchasing an additional 62,046 shares in the last quarter. Finally, Delta Lloyd Asset Management N.V. acquired a new stake in shares of Cummins in the 2nd quarter valued at about $3,466,000. Institutional investors and hedge funds own 80.80% of the company’s stock.
CMI has been the topic of several research reports. Piper Jaffray Companies set a $159.00 price objective on shares of Cummins and gave the stock a “hold” rating in a research note on Monday, October 16th. Longbow Research lowered shares of Cummins from a “buy” rating to a “neutral” rating in a research note on Thursday, October 12th. Robert W. Baird reiterated a “sell” rating and set a $153.00 price objective on shares of Cummins in a research note on Thursday, October 12th. Citigroup Inc. increased their price objective on shares of Cummins from $175.00 to $183.00 and gave the stock a “neutral” rating in a research note on Friday, October 13th. Finally, Deutsche Bank AG reiterated a “sell” rating and set a $159.00 price objective (up previously from $147.00) on shares of Cummins in a research note on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $164.91.
Cummins Inc. (CMI) traded up 0.48% on Friday, reaching $179.50. 1,002,269 shares of the company’s stock traded hands. Cummins Inc. has a 52-week low of $121.22 and a 52-week high of $180.32. The stock has a market capitalization of $29.98 billion, a PE ratio of 20.29 and a beta of 1.13. The firm’s 50-day moving average is $170.89 and its 200 day moving average is $161.12.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by ($0.05). Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the firm posted $2.40 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. Analysts forecast that Cummins Inc. will post $7.98 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s dividend payout ratio is 48.76%.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the sale, the director now owns 5,814 shares in the company, valued at approximately $925,995.78. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.62% of the stock is owned by insiders.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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