Cummins Inc. (NYSE:CMI) Position Increased by Associated Banc Corp

Associated Banc Corp raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,026 shares of the company’s stock after buying an additional 410 shares during the period. Associated Banc Corp’s holdings in Cummins were worth $16,522,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CMI. Pathway Financial Advisers LLC lifted its position in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Cummins in the 2nd quarter valued at approximately $68,018,000. SG Americas Securities LLC lifted its position in shares of Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after acquiring an additional 179,346 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Cummins in the 2nd quarter valued at approximately $46,607,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a report on Wednesday, November 6th. Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Citigroup raised their price target on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $337.67.

Cummins Price Performance

Shares of NYSE CMI traded up $3.88 during trading on Monday, reaching $376.50. The company had a trading volume of 34,908 shares, compared to its average volume of 1,452,358. The stock has a market cap of $51.65 billion, a PE ratio of 24.61, a PEG ratio of 1.81 and a beta of 0.97. The business’s 50 day moving average price is $335.78 and its 200-day moving average price is $304.64. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 52 week low of $222.04 and a 52 week high of $376.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.73 earnings per share. Analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is presently 48.08%.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 6,489 shares of company stock valued at $2,357,531 over the last ninety days. 0.56% of the stock is currently owned by company insiders.

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.