Comerica Bank Takes Position in Cummins Inc. (NYSE:CMI)

Comerica Bank acquired a new stake in Cummins Inc. (NYSE:CMIFree Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 33,289 shares of the company’s stock, valued at approximately $7,605,000.

Other hedge funds have also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in Cummins during the 3rd quarter worth approximately $25,000. Silver Oak Securities Incorporated purchased a new position in Cummins during the 3rd quarter worth approximately $28,000. Tyler Stone Wealth Management purchased a new position in Cummins during the 2nd quarter worth approximately $30,000. Global Wealth Strategies & Associates purchased a new position in Cummins during the 3rd quarter worth approximately $29,000. Finally, Quarry LP purchased a new position in Cummins during the 1st quarter worth approximately $32,000. Hedge funds and other institutional investors own 81.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. JPMorgan Chase & Co. lowered their target price on Cummins from $255.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, January 18th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Morgan Stanley started coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price on the stock. Finally, Citigroup lifted their target price on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, February 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $263.70.

Check Out Our Latest Stock Analysis on Cummins

Insider Activity

In other Cummins news, Director Daniel William Fisher acquired 562 shares of the stock in a transaction dated Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Daniel William Fisher purchased 562 shares of the stock in a transaction on Tuesday, February 27th. The stock was purchased at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares in the company, valued at $284,696.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 over the last quarter. Company insiders own 1.12% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $274.84 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The stock has a fifty day moving average of $253.33 and a two-hundred day moving average of $237.74. The company has a market capitalization of $38.99 billion, a price-to-earnings ratio of 53.06, a PEG ratio of 1.83 and a beta of 1.03. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $276.92.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the business posted $4.52 EPS. On average, analysts anticipate that Cummins Inc. will post 18.38 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Cummins Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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