132 Shares in Cummins Inc. $CMI Purchased by CNB Bank

CNB Bank bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 132 shares of the company’s stock, valued at approximately $43,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after buying an additional 321,823 shares in the last quarter. Northern Trust Corp grew its stake in shares of Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after acquiring an additional 22,202 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Cummins by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock valued at $512,343,000 after acquiring an additional 8,487 shares in the last quarter. Raymond James Financial Inc. raised its position in shares of Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after purchasing an additional 817,384 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Activity

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. This represents a 20.21% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,119 shares of company stock worth $17,674,285. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CMI. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Robert W. Baird boosted their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Truist Financial upped their price objective on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Finally, Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Cummins Trading Up 1.0%

NYSE:CMI opened at $421.79 on Friday. The company has a market cap of $58.12 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company has a 50 day simple moving average of $412.77 and a two-hundred day simple moving average of $357.84. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the business posted $5.26 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins’s payout ratio is currently 37.61%.

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.