Cummins Inc. $CMI Stock: Mechanics Bank Trust Department Grows Stake

Mechanics Bank Trust Department lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 297.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,841 shares of the company’s stock after purchasing an additional 1,378 shares during the quarter. Mechanics Bank Trust Department’s holdings in Cummins were worth $951,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Cummins during the second quarter worth about $8,204,241,000. Bank of America Corp DE bought a new position in Cummins in the 2nd quarter valued at about $1,408,353,000. Bank of New York Mellon Corp bought a new position in Cummins in the 2nd quarter valued at about $973,198,000. Legal & General Group Plc acquired a new position in shares of Cummins in the 2nd quarter valued at approximately $666,635,000. Finally, Amundi raised its position in shares of Cummins by 19.7% in the 2nd quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after buying an additional 147,093 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CMI shares. Bank of America cut their price target on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Morgan Stanley lifted their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Finally, Evercore cut their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.

Cummins Price Performance

Cummins stock 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 company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a market cap of $72.90 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76. The business has a 50-day moving average price of $562.88 and a 200-day moving average price of $620.45.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period last year, the company posted $6.43 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 30.13 EPS for the current year.

Insider Transactions at Cummins

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Cummins 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.