Baker Boyer National Bank Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Baker Boyer National Bank lessened its position in Cummins Inc. (NYSE:CMI) by 59.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,015 shares of the company’s stock after selling 1,465 shares during the quarter. Baker Boyer National Bank’s holdings in Cummins were worth $281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of CMI. First United Bank & Trust bought a new position in shares of Cummins during the 4th quarter valued at $25,000. Private Wealth Management Group LLC purchased a new stake in shares of Cummins in the 4th quarter worth approximately $26,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the 2nd quarter valued at about $28,000. Cultivar Capital Inc. purchased a new position in Cummins in the 2nd quarter worth approximately $28,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Cummins during the second quarter valued at $29,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Down 1.2 %

NYSE:CMI opened at $293.21 on Monday. The firm has a market cap of $40.18 billion, a P/E ratio of 21.46, a P/E/G ratio of 1.70 and a beta of 0.98. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The firm has a 50-day simple moving average of $292.17 and a 200-day simple moving average of $286.20.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The company had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.18 earnings per share. Equities analysts anticipate that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. Cummins’s dividend payout ratio (DPR) is 53.29%.

Insider Transactions at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated 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 completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’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 sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.