Cullen Frost Bankers Inc. Purchases 2,127 Shares of Cummins Inc. (NYSE:CMI)

Cullen Frost Bankers Inc. raised its position in Cummins Inc. (NYSE:CMI) by 4.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,905 shares of the company’s stock after buying an additional 2,127 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Cummins were worth $13,154,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. OFI Invest Asset Management bought a new stake in shares of Cummins during the 3rd quarter valued at approximately $25,000. Silver Oak Securities Incorporated bought a new stake in shares of Cummins during the 3rd quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. bought a new stake in shares of Cummins during the 4th quarter valued at approximately $31,000. Pacific Capital Wealth Advisors Inc. bought a new stake in shares of Cummins during the 4th quarter valued at approximately $39,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Cummins during the 3rd quarter valued at approximately $39,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

CMI traded up $2.06 during trading on Wednesday, hitting $288.97. 756,789 shares of the company traded hands, compared to its average volume of 2,531,926. The firm has a market cap of $39.53 billion, a P/E ratio of 21.15, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The stock’s fifty day moving average is $286.11 and its 200 day moving average is $253.84. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. Cummins’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.52 EPS. As a group, equities analysts predict that Cummins Inc. will post 18.45 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.33%. Cummins’s payout ratio is currently 49.19%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,169 shares of company stock worth $14,689,855. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. The Goldman Sachs Group boosted their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Finally, Citigroup boosted their price target on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $282.55.

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.