Bank of Montreal Can Purchases 50,762 Shares of Cummins Inc. (NYSE:CMI)

Bank of Montreal Can lifted its position in shares of Cummins Inc. (NYSE:CMI) by 18.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 323,218 shares of the company’s stock after purchasing an additional 50,762 shares during the period. Bank of Montreal Can’s holdings in Cummins were worth $92,020,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new position in Cummins in the 2nd quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins in the second quarter valued at about $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins in the second quarter valued at about $29,000. LRI Investments LLC acquired a new position in shares of Cummins in the first quarter valued at about $31,000. Finally, JNBA Financial Advisors increased its position in Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after acquiring an additional 100 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of a number of recent research reports. Citigroup initiated coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Evercore ISI lifted their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Raymond James began coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Robert W. Baird raised their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $299.55.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Up 3.2 %

Shares of NYSE CMI opened at $323.58 on Wednesday. The company has a market cap of $44.26 billion, a price-to-earnings ratio of 23.69, a PEG ratio of 1.70 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $328.10. The stock has a 50-day moving average price of $298.69 and a two-hundred day moving average price of $289.17.

Cummins (NYSE:CMI) last released 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. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the prior year, the company earned $5.18 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. Cummins’s dividend payout ratio (DPR) is 53.29%.

Cummins 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.