OLD National Bancorp IN Has $8.66 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

OLD National Bancorp IN trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 10.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,843 shares of the company’s stock after selling 2,787 shares during the quarter. OLD National Bancorp IN’s holdings in Cummins were worth $8,660,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. PFG Investments LLC lifted its stake in shares of Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after acquiring an additional 485 shares during the period. Mariner Investment Group LLC acquired a new position in shares of Cummins in the fourth quarter worth approximately $1,046,000. CWM LLC lifted its stake in shares of Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after acquiring an additional 1,786 shares during the period. Alpha DNA Investment Management LLC acquired a new position in shares of Cummins in the third quarter worth approximately $748,000. Finally, Franklin Resources Inc. lifted its stake in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after acquiring an additional 99,464 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 6,490 shares of company stock worth $2,357,880. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on CMI shares. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $374.25.

Cummins Trading Up 1.2 %

NYSE CMI opened at $354.31 on Thursday. The company has a market cap of $48.60 billion, a price-to-earnings ratio of 23.40, a P/E/G ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 52 week low of $236.00 and a 52 week high of $387.90. The business has a 50 day moving average price of $363.40 and a 200-day moving average price of $332.55. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.73 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

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.