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

OLD National Bancorp IN cut its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 12.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 76,813 shares of the company's stock after selling 11,328 shares during the quarter. OLD National Bancorp IN owned about 0.05% of Cummins worth $18,402,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of CMI. OFI Invest Asset Management acquired a new position in Cummins in the third quarter valued at $25,000. Silver Oak Securities Incorporated acquired a new position in Cummins in the third quarter valued at $28,000. Global Wealth Strategies & Associates acquired a new position in Cummins in the third quarter valued at $29,000. Tyler Stone Wealth Management acquired a new position in Cummins in the second quarter valued at $30,000. Finally, Quarry LP acquired a new position in Cummins in the first quarter valued at $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE CMI traded down $3.86 on Friday, hitting $287.56. The company's stock had a trading volume of 2,566,951 shares, compared to its average volume of 1,111,290. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The company has a market capitalization of $39.33 billion, a price-to-earnings ratio of 55.51, a price-to-earnings-growth ratio of 1.96 and a beta of 1.04. The stock has a 50 day moving average of $280.26 and a 200-day moving average of $248.68. Cummins Inc. has a 12-month low of $203.18 and a 12-month high of $304.24.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period last year, the company posted $4.52 EPS. The business's revenue for the quarter was up 9.9% on a year-over-year basis. As a group, research analysts predict that Cummins Inc. will post 18.31 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins's payout ratio is 129.73%.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares of the company's stock, valued at approximately $19,545,052.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 11,000 shares of the business's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company's stock, valued at $4,685,847.84. The disclosure for this sale can be found here. In the last three months, insiders sold 51,289 shares of company stock valued at $13,576,838. Corporate insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CMI. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an "underweight" rating in a research note on Monday, March 25th. UBS Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. TD Cowen boosted their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 7th. Morgan Stanley assumed coverage on shares of Cummins in a research note on Monday, January 8th. They set an "overweight" rating and a $278.00 price target on the stock. Finally, TheStreet lowered shares of Cummins from an "a-" rating to a "c+" rating in a research note on Tuesday, February 6th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $279.70.

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.