OLD National Bancorp IN Has $10.12 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

OLD National Bancorp IN cut its stake in Cummins Inc. (NYSE:CMI) by 50.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,553 shares of the company’s stock after selling 37,310 shares during the quarter. OLD National Bancorp IN’s holdings in Cummins were worth $10,123,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after buying an additional 604,735 shares in the last quarter. Fisher Asset Management LLC lifted its position in Cummins by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after purchasing an additional 106,017 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Cummins by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after acquiring an additional 96,387 shares in the last quarter. Ontario Teachers Pension Plan Board increased its stake in shares of Cummins by 3.1% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock valued at $342,817,000 after purchasing an additional 43,090 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its position in Cummins by 4.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock valued at $334,933,000 after acquiring an additional 64,365 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Marvin Boakye acquired 1,745 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the acquisition, the vice president now owns 1,745 shares in the company, valued at approximately $499,139.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Marvin Boakye purchased 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The stock was bought at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the transaction, the vice president now owns 1,745 shares in the company, valued at $499,139.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction on Friday, May 24th. The stock was purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CMI shares. Citigroup initiated coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. The Goldman Sachs Group upped their target price on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday. JPMorgan Chase & Co. increased their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Finally, Truist Financial raised their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $295.00.

Cummins Stock Down 1.1 %

Shares of NYSE CMI traded down $3.41 during mid-day trading on Friday, reaching $293.83. 597,229 shares of the company’s stock traded hands, compared to its average volume of 1,857,917. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83. The stock has a market cap of $40.19 billion, a P/E ratio of 21.51, a PEG ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. The business has a 50-day simple moving average of $281.27 and a 200 day simple moving average of $278.41.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.18 EPS. On average, analysts expect that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a $1.82 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Friday, August 23rd. Cummins’s payout ratio is 53.29%.

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.