Associated Banc Corp Has $1.08 Million Holdings in Cummins Inc. (CMI)
Associated Banc Corp cut its position in shares of Cummins Inc. (NYSE:CMI) by 4.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,670 shares of the company’s stock after selling 295 shares during the quarter. Associated Banc Corp’s holdings in Cummins were worth $1,082,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of CMI. State Street Corp lifted its position in shares of Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after purchasing an additional 61,286 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after purchasing an additional 510,416 shares in the last quarter. BlackRock Inc. lifted its position in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after purchasing an additional 9,867,890 shares in the last quarter. American International Group Inc. lifted its position in shares of Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after purchasing an additional 59,401 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after purchasing an additional 77,116 shares in the last quarter. 80.43% of the stock is owned by institutional investors.
A number of analysts have recently issued reports on CMI shares. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Royal Bank Of Canada reissued a “hold” rating and issued a $166.00 price target on shares of Cummins in a research report on Monday, June 5th. Stifel Nicolaus increased their price target on shares of Cummins from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Thursday, June 15th. Deutsche Bank AG increased their price target on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research report on Tuesday, July 4th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $160.58.
Shares of Cummins Inc. (CMI) traded up 0.12% during mid-day trading on Thursday, hitting $166.71. The company had a trading volume of 104,902 shares. Cummins Inc. has a one year low of $117.10 and a one year high of $170.68. The company has a market capitalization of $27.84 billion, a PE ratio of 18.84 and a beta of 1.10. The company’s 50-day moving average is $158.45 and its 200 day moving average is $156.44.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the firm posted $2.40 earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.59%. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Wednesday, August 16th. Cummins’s payout ratio is presently 48.76%.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $845,000.00. Following the transaction, the chief financial officer now owns 245 shares of the company’s stock, valued at $41,405. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,233 shares of company stock valued at $9,624,355. 0.62% of the stock is owned by company insiders.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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