Commerce Bank cut its stake in Cummins Inc. (NYSE:CMI) by 3.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,303 shares of the company’s stock after selling 550 shares during the period. Commerce Bank’s holdings in Cummins were worth $1,833,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Vanguard Group Inc. increased its position in shares of Cummins by 0.3% in the second quarter. Vanguard Group Inc. now owns 10,124,450 shares of the company’s stock valued at $1,138,393,000 after buying an additional 34,225 shares in the last quarter. Capital World Investors increased its position in shares of Cummins by 19.1% in the second quarter. Capital World Investors now owns 9,599,846 shares of the company’s stock valued at $1,079,407,000 after buying an additional 1,540,865 shares in the last quarter. American International Group Inc. increased its position in shares of Cummins by 4.6% in the second quarter. American International Group Inc. now owns 3,493,887 shares of the company’s stock valued at $392,853,000 after buying an additional 152,939 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Cummins by 3.9% in the third quarter. Bank of New York Mellon Corp now owns 2,998,183 shares of the company’s stock valued at $384,218,000 after buying an additional 111,658 shares in the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of Cummins by 22.6% in the second quarter. BlackRock Fund Advisors now owns 2,541,837 shares of the company’s stock valued at $285,804,000 after buying an additional 468,442 shares in the last quarter. 79.62% of the stock is owned by institutional investors.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

Shares of Cummins Inc. (NYSE:CMI) traded down 2.10% during trading on Monday, reaching $138.32. 1,693,049 shares of the company’s stock were exchanged. The company has a 50 day moving average of $130.55 and a 200 day moving average of $121.95. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $141.65. The stock has a market cap of $23.18 billion, a P/E ratio of 20.10 and a beta of 1.32.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 1st. The company reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.06. The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.23 billion. Cummins had a net margin of 6.62% and a return on equity of 19.47%. Cummins’s quarterly revenue was down 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.14 earnings per share. Equities research analysts anticipate that Cummins Inc. will post $8.17 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be given a dividend of $1.025 per share. The ex-dividend date is Thursday, November 17th. This is a positive change from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 dividend on an annualized basis and a yield of 2.98%. Cummins’s payout ratio is presently 59.33%.

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Several brokerages have commented on CMI. Deutsche Bank AG began coverage on shares of Cummins in a research note on Tuesday, September 6th. They issued a “sell” rating and a $111.00 price target on the stock. Vetr cut shares of Cummins from a “strong-buy” rating to a “buy” rating and set a $140.84 price target on the stock. in a research note on Monday, November 7th. Evercore ISI upgraded shares of Cummins from a “hold” rating to a “buy” rating and boosted their price target for the stock from $113.00 to $144.00 in a research note on Monday, November 7th. Stifel Nicolaus reiterated a “hold” rating and issued a $109.00 price target (up previously from $103.00) on shares of Cummins in a research note on Wednesday, November 2nd. Finally, began coverage on shares of Cummins in a research note on Friday, September 30th. They issued a “buy” rating and a $150.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $118.99.

In related news, CAO Marya M. Rose sold 5,450 shares of the business’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $136.40, for a total transaction of $743,380.00. Following the transaction, the chief accounting officer now directly owns 20,193 shares in the company, valued at $2,754,325.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Marsha L. Hunt sold 5,910 shares of the business’s stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $128.10, for a total transaction of $757,071.00. Following the transaction, the vice president now owns 4,382 shares in the company, valued at $561,334.20. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company’s stock.

About Cummins

Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets.

5 Day Chart for NYSE:CMI

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