Busey Bank Has $23.65 Million Stake in Cummins Inc. (NYSE:CMI)

Busey Bank lifted its position in shares of Cummins Inc. (NYSE:CMI) by 0.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 73,045 shares of the company’s stock after purchasing an additional 186 shares during the quarter. Busey Bank’s holdings in Cummins were worth $23,651,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins in the second quarter valued at about $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the 2nd quarter worth approximately $29,000. LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the 3rd quarter worth approximately $34,000. 83.46% of the stock is owned by institutional investors.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’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 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 position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’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 value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. 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 Analysts Forecast Growth

Several research firms have weighed in on CMI. Evercore ISI boosted their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Barclays increased their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird increased their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. increased their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Finally, Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $311.55.

Cummins Trading Up 0.7 %

Shares of CMI opened at $332.41 on Friday. The business’s 50-day moving average price is $315.05 and its 200-day moving average price is $295.57. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $340.82. The stock has a market cap of $45.47 billion, a PE ratio of 24.33, a P/E/G ratio of 1.92 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders 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 dividend yield of 2.19%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 53.29%.

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.