Cummins Inc. (NYSE:CMI) Holdings Decreased by First American Bank

First American Bank decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 12,945 shares of the company’s stock after selling 1,058 shares during the quarter. First American Bank’s holdings in Cummins were worth $4,191,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins during the second quarter valued at $28,000. Cultivar Capital Inc. acquired a new position in Cummins in the 2nd quarter worth about $28,000. Lynx Investment Advisory acquired a new position in Cummins in the 2nd quarter worth about $29,000. LRI Investments LLC acquired a new position in Cummins in the 1st quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in Cummins in the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $329.17 on Monday. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $340.82. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a 50 day moving average of $316.25 and a two-hundred day moving average of $295.94. The company has a market capitalization of $45.02 billion, a P/E ratio of 24.10, a P/E/G ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the prior year, the firm posted $5.18 EPS. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts expect that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.21%. Cummins’s dividend payout ratio is 53.29%.

Insider Activity at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on 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 in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction 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 completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on 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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Truist Financial upped their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Evercore ISI upped their price target on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Robert W. Baird upped their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Finally, Citigroup upped their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $311.55.

Cummins Company Profile

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.