Bank of America Corp DE Buys 68,416 Shares of Cummins Inc. (NYSE:CMI)

Bank of America Corp DE grew its stake in shares of Cummins Inc. (NYSE:CMIGet Rating) by 6.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,197,865 shares of the company’s stock after acquiring an additional 68,416 shares during the quarter. Bank of America Corp DE owned about 0.85% of Cummins worth $245,695,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. BlackRock Inc. increased its holdings in Cummins by 4.6% in the 1st quarter. BlackRock Inc. now owns 12,299,282 shares of the company’s stock worth $2,522,705,000 after buying an additional 544,899 shares in the last quarter. State Street Corp increased its holdings in Cummins by 1.1% in the 4th quarter. State Street Corp now owns 6,751,839 shares of the company’s stock worth $1,472,846,000 after buying an additional 74,697 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cummins by 7.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock worth $486,142,000 after buying an additional 173,139 shares in the last quarter. LSV Asset Management increased its holdings in Cummins by 4.6% in the 1st quarter. LSV Asset Management now owns 2,137,892 shares of the company’s stock worth $438,503,000 after buying an additional 94,313 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in Cummins by 3.2% in the 1st quarter. Loomis Sayles & Co. L P now owns 1,677,067 shares of the company’s stock worth $343,983,000 after buying an additional 51,925 shares in the last quarter. 80.98% of the stock is currently owned by institutional investors.

Cummins Stock Down 1.1 %

CMI stock opened at $212.69 on Wednesday. Cummins Inc. has a twelve month low of $184.27 and a twelve month high of $247.48. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.36. The stock has a market cap of $29.99 billion, a P/E ratio of 14.89, a PEG ratio of 1.34 and a beta of 1.03. The business’s 50-day moving average price is $215.84 and its 200-day moving average price is $205.84.

Cummins (NYSE:CMIGet Rating) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $4.77 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.40. Cummins had a return on equity of 23.41% and a net margin of 8.26%. The firm had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.48 billion. During the same period in the previous year, the firm earned $4.15 EPS. The business’s quarterly revenue was up 7.8% on a year-over-year basis. On average, equities research analysts forecast that Cummins Inc. will post 18.03 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 19th were issued a $1.57 dividend. The ex-dividend date was Thursday, August 18th. This is a boost from Cummins’s previous quarterly dividend of $1.45. This represents a $6.28 dividend on an annualized basis and a yield of 2.95%. Cummins’s payout ratio is currently 43.98%.

Insider Buying and Selling

In related news, Vice Chairman Tony Satterthwaite sold 4,866 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $230.18, for a total value of $1,120,055.88. Following the transaction, the insider now directly owns 59,276 shares of the company’s stock, valued at approximately $13,644,149.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Vice Chairman Tony Satterthwaite sold 4,866 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $230.18, for a total value of $1,120,055.88. Following the transaction, the insider now directly owns 59,276 shares of the company’s stock, valued at approximately $13,644,149.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 3,115 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $225.11, for a total value of $701,217.65. Following the completion of the transaction, the vice president now directly owns 16,348 shares in the company, valued at $3,680,098.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,001 shares of company stock valued at $3,157,774. Corporate insiders own 1.05% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the topic of several research reports. Cowen dropped their target price on Cummins from $281.00 to $267.00 in a research report on Thursday, July 7th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 3rd. Cowen dropped their target price on Cummins from $281.00 to $267.00 in a research report on Thursday, July 7th. Sanford C. Bernstein cut Cummins from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $238.00 to $190.00 in a research report on Wednesday, July 20th. Finally, Credit Suisse Group raised their target price on Cummins from $249.00 to $266.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $241.22.

Cummins Profile

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

Further Reading

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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