Bank of Montreal Can Has $92.02 Million Stake in Cummins Inc. (NYSE:CMI)

Bank of Montreal Can grew its position in Cummins Inc. (NYSE:CMI) by 18.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 323,218 shares of the company’s stock after buying an additional 50,762 shares during the period. Bank of Montreal Can owned approximately 0.24% of Cummins worth $92,020,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the second quarter valued at about $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at approximately $28,000. Lynx Investment Advisory bought a new stake in Cummins during the 2nd quarter worth approximately $29,000. LRI Investments LLC acquired a new stake in Cummins during the 1st quarter worth approximately $31,000. Finally, JNBA Financial Advisors lifted its stake in Cummins by 1,111.1% in the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMI. Truist Financial increased their price objective on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Citigroup initiated coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Finally, Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $299.55.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Up 3.2 %

NYSE:CMI opened at $323.58 on Wednesday. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $328.10. The firm has a market capitalization of $44.26 billion, a price-to-earnings ratio of 23.69, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average price is $298.69 and its two-hundred day moving average price is $289.17.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the company earned $5.18 earnings per share. Equities research analysts expect that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio is presently 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.