Bank of Montreal Can Decreases Stake in Cummins Inc. $CMI

Bank of Montreal Can lowered its position in Cummins Inc. (NYSE:CMI) by 3.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 416,967 shares of the company’s stock after selling 15,430 shares during the quarter. Bank of Montreal Can owned about 0.30% of Cummins worth $136,557,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Intellectus Partners LLC increased its holdings in Cummins by 36.0% in the 2nd quarter. Intellectus Partners LLC now owns 2,532 shares of the company’s stock worth $829,000 after acquiring an additional 670 shares during the last quarter. Regents Gate Capital LLP increased its holdings in Cummins by 22.3% in the 2nd quarter. Regents Gate Capital LLP now owns 37,410 shares of the company’s stock worth $12,252,000 after acquiring an additional 6,817 shares during the last quarter. Gilbert & Cook Inc. boosted its stake in Cummins by 2.2% in the 2nd quarter. Gilbert & Cook Inc. now owns 1,813 shares of the company’s stock worth $594,000 after purchasing an additional 39 shares during the period. TIAA Trust National Association boosted its stake in Cummins by 4.1% in the 2nd quarter. TIAA Trust National Association now owns 3,750 shares of the company’s stock worth $1,228,000 after purchasing an additional 148 shares during the period. Finally, GHP Investment Advisors Inc. increased its position in shares of Cummins by 1.3% during the second quarter. GHP Investment Advisors Inc. now owns 18,837 shares of the company’s stock valued at $6,169,000 after buying an additional 241 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CMI shares. Truist Financial raised their price objective on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Barclays raised their price objective on shares of Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research report on Monday, October 20th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Finally, Robert W. Baird raised their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $410.50.

Insider Transactions at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the sale, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 43,319 shares of company stock worth $17,764,105. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of CMI opened at $437.48 on Tuesday. The company has a market cap of $60.28 billion, a PE ratio of 20.57, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average price of $416.73 and a 200-day moving average price of $364.94. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $449.21.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the company posted $5.26 EPS. As a group, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. Cummins’s payout ratio is presently 37.61%.

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.