Bank of Montreal Can Increases Holdings in Cummins Inc. (NYSE:CMI)

Bank of Montreal Can boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 21.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 391,845 shares of the company's stock after purchasing an additional 68,627 shares during the period. Bank of Montreal Can owned approximately 0.29% of Cummins worth $127,898,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CMI. LRI Investments LLC bought a new stake in Cummins in the 1st quarter worth approximately $35,000. Ascent Group LLC bought a new stake in shares of Cummins during the 1st quarter valued at $353,000. Waverly Advisors LLC grew its position in shares of Cummins by 66.8% during the 1st quarter. Waverly Advisors LLC now owns 4,454 shares of the company's stock valued at $1,312,000 after acquiring an additional 1,784 shares during the period. Janus Henderson Group PLC grew its position in shares of Cummins by 15.8% during the 1st quarter. Janus Henderson Group PLC now owns 80,727 shares of the company's stock valued at $23,770,000 after acquiring an additional 11,033 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Cummins by 15.4% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,254 shares of the company's stock valued at $2,137,000 after acquiring an additional 966 shares during the period. Institutional investors own 83.46% of the company's stock.

Cummins Price Performance

CMI stock traded up $2.32 during mid-day trading on Tuesday, hitting $377.59. The company had a trading volume of 400,972 shares, compared to its average volume of 1,450,878. The company has a market capitalization of $51.80 billion, a price-to-earnings ratio of 24.94, a P/E/G ratio of 1.81 and a beta of 0.97. Cummins Inc. has a 12-month low of $222.04 and a 12-month high of $377.69. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $338.79 and a 200 day moving average price of $305.77.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.73 EPS. On average, research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins's dividend payout ratio is 48.08%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an "equal weight" rating in a research report on Monday, August 5th. Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and boosted their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Robert W. Baird lifted their target price on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Finally, StockNews.com upgraded shares of Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $337.67.

Insider Activity

In other news, VP Sharon R. Barner sold 2,001 shares of the company's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,456,419.29. This represents a 8.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is currently owned by corporate insiders.

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.