OLD National Bancorp IN Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

OLD National Bancorp IN lowered its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,703 shares of the company's stock after selling 2,140 shares during the period. OLD National Bancorp IN's holdings in Cummins were worth $7,116,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CMI. Brighton Jones LLC boosted its holdings in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in shares of Cummins by 8.7% in the fourth quarter. Stratos Wealth Partners LTD. now owns 1,830 shares of the company's stock valued at $638,000 after purchasing an additional 147 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Cummins by 54.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,051 shares of the company's stock valued at $6,320,000 after purchasing an additional 6,350 shares in the last quarter. Robertson Stephens Wealth Management LLC purchased a new stake in shares of Cummins in the fourth quarter valued at about $316,000. Finally, Consolidated Portfolio Review Corp purchased a new stake in shares of Cummins in the fourth quarter valued at about $592,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

Shares of CMI stock opened at $326.74 on Friday. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a 50 day moving average price of $304.31 and a 200 day moving average price of $338.38. The firm has a market capitalization of $45.01 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the prior year, the business posted $5.08 earnings per share. Cummins's revenue for the quarter was down 2.7% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is 36.22%.

Insider Buying and Selling

In other Cummins news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CMI has been the topic of several recent research reports. Truist Financial reduced their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and reduced their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Robert W. Baird reduced their price target on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Citigroup upped their price target on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $357.25.

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.

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