Associated Banc Corp Lowers Stake in Cummins Inc. (NYSE:CMI)

Associated Banc Corp reduced its stake in Cummins Inc. (NYSE:CMI - Free Report) by 2.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 49,709 shares of the company's stock after selling 1,317 shares during the quarter. Associated Banc Corp's holdings in Cummins were worth $17,329,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Mariner Investment Group LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $1,046,000. Alpha DNA Investment Management LLC purchased a new stake in Cummins during the 3rd quarter worth approximately $748,000. Franklin Resources Inc. increased its stake in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock worth $79,017,000 after buying an additional 99,464 shares during the period. Bank of Montreal Can increased its stake in Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company's stock worth $127,898,000 after buying an additional 68,627 shares during the period. Finally, Hancock Whitney Corp increased its position in shares of Cummins by 545.1% in the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company's stock valued at $12,508,000 after purchasing an additional 32,642 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE CMI traded up $4.69 during midday trading on Wednesday, hitting $327.24. The company had a trading volume of 768,092 shares, compared to its average volume of 895,637. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. The business has a 50-day simple moving average of $358.00 and a two-hundred day simple moving average of $347.35. The firm has a market capitalization of $44.99 billion, a price-to-earnings ratio of 11.62, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

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Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period last year, the firm posted $4.14 EPS. The firm's revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.22%. Cummins's dividend payout ratio (DPR) is currently 25.84%.

Analysts Set New Price Targets

CMI has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research report on Tuesday. Robert W. Baird increased their target price on shares of Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research report on Wednesday, February 5th. Barclays increased their target price on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of "Hold" and an average target price of $389.50.

About Cummins

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.