18,333 Cummins Inc. $CMI Shares Purchased by Greenfield Savings Bank

Greenfield Savings Bank increased its stake in shares of Cummins Inc. (NYSE:CMI) by 2,141.7% in the 3rd quarter, Holdings Channel reports. The firm owned 19,189 shares of the company’s stock after buying an additional 18,333 shares during the period. Cummins accounts for approximately 3.8% of Greenfield Savings Bank’s holdings, making the stock its 3rd biggest position. Greenfield Savings Bank’s holdings in Cummins were worth $9,912,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Wellington Management Group LLP lifted its holdings in shares of Cummins by 243.5% during the 2nd quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock valued at $353,072,000 after buying an additional 350,910 shares during the period. Raiffeisen Bank International AG boosted its stake in shares of Cummins by 55.1% in the 2nd quarter. Raiffeisen Bank International AG now owns 46,817 shares of the company’s stock worth $32,355,000 after buying an additional 16,623 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Cummins in the second quarter worth $1,408,353,000. Nykredit A S bought a new stake in shares of Cummins in the second quarter worth $47,394,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in Cummins by 45.2% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock valued at $6,981,000 after acquiring an additional 4,538 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CMI. DA Davidson increased their target price on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. UBS Group cut their price target on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Wells Fargo & Company upped their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a report on Wednesday, September 23rd. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $724.29.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Cummins Stock Performance

Cummins stock traded down $19.54 during trading on Wednesday, reaching $515.77. The company had a trading volume of 1,249,804 shares, compared to its average volume of 985,853. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76. The firm’s 50-day simple moving average is $573.79 and its 200 day simple moving average is $621.23. The firm has a market capitalization of $71.00 billion, a price-to-earnings ratio of 26.36, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter last year, the firm posted $6.43 earnings per share. Cummins’s revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is presently 44.97%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.