Central Bank & Trust Co. Trims Position in Cummins Inc. (NYSE:CMI)

Central Bank & Trust Co. decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 17.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 272 shares of the company’s stock after selling 57 shares during the quarter. Central Bank & Trust Co.’s holdings in Cummins were worth $75,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Beacon Financial Group grew its holdings in Cummins by 7.0% in the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after buying an additional 126 shares during the period. KBC Group NV grew its holdings in Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after purchasing an additional 57,341 shares during the period. Manning & Napier Advisors LLC purchased a new position in Cummins during the second quarter worth approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares during the last quarter. Finally, Duality Advisers LP increased its holdings in shares of Cummins by 190.3% during the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after buying an additional 12,087 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.5 %

Shares of Cummins stock traded down $1.40 on Monday, hitting $300.25. 115,048 shares of the company’s stock traded hands, compared to its average volume of 1,812,422. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The firm’s 50-day moving average is $283.32 and its 200 day moving average is $280.93. The stock has a market cap of $41.07 billion, a P/E ratio of 21.97, a PEG ratio of 1.93 and a beta of 0.99. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.18 EPS. Equities analysts anticipate that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is currently 53.29%.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research analyst reports. TD Cowen lifted their target price on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Raymond James started coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup started coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Robert W. Baird lifted their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Truist Financial increased their price target on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $299.55.

Insider Activity

In other Cummins news, VP Jeffrey T. Wiltrout acquired 282 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.56% of the company’s stock.

Cummins 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.