Cummins Inc. $CMI Shares Purchased by Mechanics Bank Trust Department

Mechanics Bank Trust Department lifted its position in shares of Cummins Inc. (NYSE:CMI) by 297.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,841 shares of the company’s stock after buying an additional 1,378 shares during the quarter. Mechanics Bank Trust Department’s holdings in Cummins were worth $951,000 at the end of the most recent quarter.

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

Cummins Trading Up 0.3%

Shares of NYSE:CMI traded up $1.71 during midday trading on Tuesday, reaching $529.57. The company’s stock had a trading volume of 1,076,114 shares, compared to its average volume of 987,268. The firm has a market capitalization of $72.90 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 1.37 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The firm has a 50 day moving average price of $562.88 and a two-hundred day moving average price of $620.45. Cummins Inc. has a fifty-two week low of $400.72 and a fifty-two week high of $737.76.

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

Insider Transactions at Cummins

In other Cummins 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 value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Bank of America dropped their price target on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Finally, Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $708.18.

Cummins Company 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.