Today, Bank of New York Mellon Corp Boosts Stake in Cummins Inc. (CMI)

Today, Bank of New York Mellon Corp Boosts Stake in Cummins Inc. (CMI)
Bank of New York Mellon Corp increased its stake in Cummins Inc. (NYSE:CMI) by 3.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,998,183 shares of the company’s stock after buying an additional 111,658 shares during the period. Bank of New York Mellon Corp owned approximately 1.78% of Cummins worth $384,218,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Wellington Management Group LLP increased its position in Cummins by 0.5% in the first quarter. Wellington Management Group LLP now owns 237,563 shares of the company’s stock worth $26,118,000 after buying an additional 1,204 shares during the period. Oregon Public Employees Retirement Fund increased its position in Cummins by 95.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 90,297 shares of the company’s stock worth $11,572,000 after buying an additional 43,990 shares during the period. Candriam Luxembourg S.C.A. increased its position in Cummins by 1,564.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 162,048 shares of the company’s stock worth $18,221,000 after buying an additional 152,315 shares during the period. Hermes Investment Management Ltd. increased its position in Cummins by 7.0% in the second quarter. Hermes Investment Management Ltd. now owns 391,663 shares of the company’s stock worth $44,039,000 after buying an additional 25,600 shares during the period. Finally, Boston Advisors LLC increased its position in Cummins by 8,914.4% in the second quarter. Boston Advisors LLC now owns 186,148 shares of the company’s stock worth $20,930,000 after buying an additional 184,083 shares during the period. 82.75% of the stock is owned by institutional investors.

Shares of Cummins Inc. (NYSE:CMI) traded up 0.35% during midday trading on Friday, hitting $141.29. 482,866 shares of the company traded hands. The stock has a market capitalization of $23.68 billion, a PE ratio of 20.53 and a beta of 1.32. Cummins Inc. has a 52 week low of $79.88 and a 52 week high of $141.65. The stock has a 50 day moving average of $129.96 and a 200-day moving average of $121.47.

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

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be issued a $1.025 dividend. This is an increase from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Thursday, November 17th. Cummins’s payout ratio is 59.33%.

CMI has been the subject of a number of analyst reports. Vetr downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating and set a $141.73 target price for the company. in a research report on Tuesday, October 18th. Deutsche Bank AG increased their price target on shares of Cummins from $111.00 to $112.00 and gave the company a “sell” rating in a research note on Wednesday, October 12th. 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 for the company. Goldman Sachs Group Inc. upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $134.00 to $162.00 in a research note on Tuesday, October 11th. Finally, Citigroup Inc. increased their price target on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $118.99.

In other Cummins news, VP Marsha L. Hunt sold 5,910 shares of the company’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $128.10, for a total transaction of $757,071.00. Following the sale, the vice president now directly owns 4,382 shares of the company’s stock, valued at $561,334.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Marya M. Rose sold 5,450 shares of the company’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 sale, the chief accounting officer now directly owns 20,193 shares in the company, valued at $2,754,325.20. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.

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