Field & Main Bank Makes New Investment in Cummins Inc. $CMI

Field & Main Bank acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,750 shares of the company’s stock, valued at approximately $1,961,000.

A number of other large investors also recently modified their holdings of the company. Activest Wealth Management grew its position in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC grew its holdings in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the last quarter. Persistent Asset Partners Ltd purchased a new position in Cummins in the 2nd quarter worth $26,000. Wellington Shields Capital Management LLC purchased a new position in Cummins in the 4th quarter worth $27,000. Finally, Kemnay Advisory Services Inc. bought a new stake in Cummins in the fourth quarter worth $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CMI. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Argus increased their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. CICC Research started coverage on Cummins in a research note on Sunday, August 23rd. They issued an “outperform” rating on the stock. Weiss Ratings raised Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Finally, Barclays lifted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Trading Down 1.6%

NYSE CMI opened at $564.61 on Friday. The stock has a market cap of $77.72 billion, a P/E ratio of 28.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The stock has a 50 day simple moving average of $647.45 and a two-hundred day simple moving average of $627.90. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $6.43 earnings per share. On average, analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is presently 44.97%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.