STAR Financial Bank Trims Stock Position in Cummins Inc. (NYSE:CMI)

STAR Financial Bank decreased its position in Cummins Inc. (NYSE:CMI) by 33.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,115 shares of the company’s stock after selling 551 shares during the period. STAR Financial Bank’s holdings in Cummins were worth $361,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CMI. Chicago Capital LLC lifted its stake in shares of Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after acquiring an additional 30 shares during the period. Equitable Trust Co. lifted its position in Cummins by 3.6% in the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after purchasing an additional 32 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its holdings in Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after purchasing an additional 35 shares in the last quarter. EP Wealth Advisors LLC increased its position in Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares during the period. Finally, Fidelis Capital Partners LLC raised its stake in shares of Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after buying an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

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

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred 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 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. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,576 shares of company stock valued at $9,033,945. Company insiders own 0.56% of the company’s stock.

Cummins Trading Down 0.3 %

Shares of Cummins stock opened at $360.95 on Thursday. The firm has a market cap of $49.52 billion, a PE ratio of 23.84, a P/E/G ratio of 1.77 and a beta of 0.97. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a fifty-two week low of $220.02 and a fifty-two week high of $370.21. The business’s fifty day moving average is $332.94 and its two-hundred day moving average is $303.34.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the company earned $4.73 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

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.