Huntington National Bank Increases Stock Position in Cummins Inc. (NYSE:CMI)

Huntington National Bank boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 59.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,623 shares of the company’s stock after buying an additional 4,329 shares during the quarter. Huntington National Bank’s holdings in Cummins were worth $4,052,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. RFG Bristol Wealth Advisors LLC purchased a new stake in shares of Cummins during the 4th quarter worth $942,000. Meeder Advisory Services Inc. raised its holdings in Cummins by 2.3% in the fourth quarter. Meeder Advisory Services Inc. now owns 4,504 shares of the company’s stock worth $1,570,000 after purchasing an additional 101 shares in the last quarter. Headlands Technologies LLC bought a new position in Cummins in the fourth quarter worth about $69,000. Geode Capital Management LLC boosted its holdings in shares of Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after buying an additional 84,112 shares in the last quarter. Finally, National Bank of Canada FI grew its position in shares of Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after buying an additional 3,298 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CMI shares. UBS Group decreased their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. JPMorgan Chase & Co. decreased their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday, March 18th. Finally, Evercore ISI boosted their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $383.67.

Cummins Stock Up 1.5 %

Cummins stock opened at $320.04 on Thursday. The business’s 50-day moving average price is $349.15 and its 200 day moving average price is $348.80. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm has a market cap of $44.00 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the company earned $4.14 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.27%. Cummins’s dividend payout ratio is currently 25.84%.

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.