OLD National Bancorp IN Has $6.37 Million Holdings in Cummins Inc. $CMI

Key Points

• OLD National Bancorp IN reduced its holdings in Cummins Inc. by 14.3%, owning 19,452 shares valued at approximately $6.37 million after recent transactions.
• Cummins has seen a series of upgrades from various analysts, including a shift from "hold" to "outperform" by Wolfe Research, reflecting a consensus rating of "Moderate Buy" with an average price target of $393.57.
• The company recently announced a quarterly dividend increase to $2.00 per share, marking an annualized yield of 1.8% and reflecting a payout ratio of 37.61%.

OLD National Bancorp IN trimmed its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 14.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,452 shares of the company's stock after selling 3,251 shares during the period. OLD National Bancorp IN's holdings in Cummins were worth $6,371,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CMI. Wealthcare Advisory Partners LLC lifted its holdings in Cummins by 4.5% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,978 shares of the company's stock worth $1,303,000 after buying an additional 171 shares in the last quarter. Quent Capital LLC raised its position in shares of Cummins by 15.8% during the second quarter. Quent Capital LLC now owns 733 shares of the company's stock worth $240,000 after acquiring an additional 100 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Cummins by 52.2% during the second quarter. QRG Capital Management Inc. now owns 47,377 shares of the company's stock valued at $15,516,000 after acquiring an additional 16,257 shares during the period. Wallington Asset Management LLC boosted its holdings in Cummins by 1.1% in the second quarter. Wallington Asset Management LLC now owns 34,720 shares of the company's stock valued at $11,371,000 after acquiring an additional 372 shares during the last quarter. Finally, Cape ANN Savings Bank increased its position in Cummins by 6.4% in the second quarter. Cape ANN Savings Bank now owns 3,390 shares of the company's stock worth $1,110,000 after purchasing an additional 205 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CMI. Wolfe Research upgraded shares of Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Melius upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a report on Monday, August 11th. Barclays upped their target price on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Finally, Truist Financial increased their price target on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of "Moderate Buy" and an average price target of $393.57.

Cummins Stock Up 0.1%

Shares of NYSE:CMI opened at $432.87 on Monday. The company has a 50 day moving average price of $400.74 and a two-hundred day moving average price of $346.10. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market capitalization of $59.65 billion, a PE ratio of 20.35, a PEG ratio of 2.09 and a beta of 1.04. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $437.66.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.26 EPS. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins's payout ratio is 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares of the company's stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 6,500 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the sale, the chief financial officer directly owned 31,582 shares of the company's stock, valued at $12,790,710. This represents a 17.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,119 shares of company stock worth $14,159,885 over the last three months. Company insiders own 0.41% of the company's stock.

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.

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.