Bank of Montreal Can Grows Position in Cummins Inc. (NYSE:CMI)

Bank of Montreal Can raised its position in shares of Cummins Inc. (NYSE:CMI) by 21.2% during the 3rd quarter, Holdings Channel reports. The fund owned 391,845 shares of the company’s stock after purchasing an additional 68,627 shares during the period. Bank of Montreal Can’s holdings in Cummins were worth $127,898,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Associated Banc Corp lifted its position in Cummins by 0.8% during the third quarter. Associated Banc Corp now owns 51,026 shares of the company’s stock valued at $16,522,000 after purchasing an additional 410 shares during the last quarter. Private Trust Co. NA raised its position in shares of Cummins by 2.7% during the 3rd quarter. Private Trust Co. NA now owns 1,743 shares of the company’s stock valued at $564,000 after buying an additional 46 shares in the last quarter. Hancock Whitney Corp lifted its holdings in shares of Cummins by 545.1% in the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after acquiring an additional 32,642 shares during the last quarter. Truvestments Capital LLC lifted its holdings in shares of Cummins by 11.5% in the 3rd quarter. Truvestments Capital LLC now owns 2,207 shares of the company’s stock valued at $715,000 after acquiring an additional 227 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in Cummins by 11.6% in the third quarter. Brown Brothers Harriman & Co. now owns 3,539 shares of the company’s stock worth $1,146,000 after acquiring an additional 367 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CMI. Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $337.67.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by company insiders.

Cummins Trading Up 0.7 %

Shares of Cummins stock opened at $375.32 on Tuesday. The firm’s 50 day simple moving average is $337.27 and its two-hundred day simple moving average is $305.21. The firm has a market capitalization of $51.49 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 1.81 and a beta of 0.97. Cummins Inc. has a 12-month low of $222.04 and a 12-month high of $377.64. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the business posted $4.73 EPS. Analysts predict that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.94%. Cummins’s dividend payout ratio is currently 48.08%.

Cummins Company Profile

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.