First Merchants Corp Has $5.30 Million Stake in Cummins Inc. (NYSE:CMI)

First Merchants Corp cut its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,910 shares of the company's stock after selling 1,301 shares during the quarter. First Merchants Corp's holdings in Cummins were worth $5,300,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares during the period. Handelsbanken Fonder AB increased its holdings in Cummins by 6.6% in the fourth quarter. Handelsbanken Fonder AB now owns 4,067 shares of the company's stock worth $1,418,000 after purchasing an additional 252 shares in the last quarter. IFP Advisors Inc lifted its stake in Cummins by 12.9% in the fourth quarter. IFP Advisors Inc now owns 3,417 shares of the company's stock valued at $1,191,000 after buying an additional 390 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company's stock worth $342,244,000 after buying an additional 120,579 shares in the last quarter. Finally, FourThought Financial Partners LLC acquired a new stake in shares of Cummins during the 4th quarter worth approximately $269,000. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CMI. Robert W. Baird dropped their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Evercore ISI dropped their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Citigroup restated a "buy" rating and issued a $360.00 target price (up from $350.00) on shares of Cummins in a research note on Tuesday. Morgan Stanley upped their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $358.08.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.41% of the company's stock.

Cummins Stock Up 1.9%

CMI stock opened at $324.85 on Friday. The firm has a market capitalization of $44.75 billion, a PE ratio of 16.16, a P/E/G ratio of 1.92 and a beta of 1.04. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The stock's 50 day moving average is $314.05 and its 200-day moving average is $333.29.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.08 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Friday, May 23rd. Cummins's payout ratio is 36.22%.

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.

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