46,316 Shares in Cummins Inc. $CMI Acquired by Associated Banc Corp

Key Points

• Associated Banc Corp acquired 46,316 Cummins shares in the third quarter, worth about $23.9 million. Institutional investors collectively own 83.46% of the company’s stock.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above expectations, but earnings per share of $6.73 missed the $7.21 consensus estimate.
• The company declared a quarterly dividend of $2.20 per share, equivalent to an annualized yield of about 1.8%. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $694.24.

Associated Banc Corp purchased a new position in Cummins Inc. (NYSE:CMI - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 46,316 shares of the company's stock, valued at approximately $23,925,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in shares of Cummins by 243.5% during the 2nd quarter. Wellington Management Group LLP now owns 495,047 shares of the company's stock valued at $353,072,000 after purchasing an additional 350,910 shares during the last quarter. Fulcrum Wealth Advisors LLC boosted its position in Cummins by 611.8% during the 3rd quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company's stock valued at $8,401,000 after buying an additional 13,979 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in shares of Cummins by 45.2% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company's stock worth $6,981,000 after purchasing an additional 4,538 shares during the last quarter. CWS Financial Advisors LLC grew its position in shares of Cummins by 973.2% in the 3rd quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company's stock worth $2,445,000 after buying an additional 4,292 shares during the last quarter. Finally, Legacy Private Trust Co. increased its position in Cummins by 1,264.1% during the 3rd quarter. Legacy Private Trust Co. now owns 12,222 shares of the company's stock valued at $6,314,000 after purchasing an additional 11,326 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company's stock.

Cummins Stock Performance

Shares of NYSE CMI opened at $500.81 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52-week low of $426.79 and a 52-week high of $737.76. The company has a market cap of $68.94 billion, a PE ratio of 20.44, a PEG ratio of 1.32 and a beta of 1.26. The firm's 50-day moving average price is $533.58 and its 200-day moving average price is $601.36.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.33 billion. During the same quarter last year, the company posted $6.43 EPS. The firm's revenue was up 9.4% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.8%. Cummins's dividend payout ratio (DPR) is 44.97%.

Wall Street Analyst Weigh In

CMI has been the subject of several research reports. Truist Financial decreased their target price on Cummins from $894.00 to $779.00 and set a "buy" rating for the company in a research report on Monday, October 5th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research note on Monday. Barclays lowered their target price on shares of Cummins from $760.00 to $675.00 and set an "overweight" rating for the company in a report on Monday, October 19th. Zacks Research cut Cummins from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Bank of America cut their price target on Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $694.24.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins' product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.

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