First Financial Bank Trust Division lowered its position in Cummins Inc. (NYSE:CMI) by 2.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,392 shares of the company’s stock after selling 93 shares during the period. First Financial Bank Trust Division’s holdings in Cummins were worth $1,138,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Segall Bryant & Hamill LLC acquired a new stake in Cummins in the 3rd quarter valued at $237,000. Engineers Gate Manager LP increased its position in shares of Cummins by 210.7% during the third quarter. Engineers Gate Manager LP now owns 6,558 shares of the company’s stock worth $1,385,000 after acquiring an additional 4,447 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of Cummins in the 3rd quarter worth about $581,000. Squarepoint Ops LLC bought a new position in Cummins in the 3rd quarter valued at about $6,018,000. Finally, Lombard Odier Asset Management Switzerland SA acquired a new position in Cummins during the 3rd quarter valued at about $1,218,000. 81.07% of the stock is owned by hedge funds and other institutional investors.
In other Cummins news, CEO Norman Thomas Linebarger sold 8,389 shares of the firm’s stock in a transaction dated Wednesday, February 10th. The stock was sold at an average price of $245.10, for a total value of $2,056,143.90. Following the completion of the transaction, the chief executive officer now owns 99,927 shares in the company, valued at approximately $24,492,107.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jill E. Cook sold 2,107 shares of Cummins stock in a transaction dated Wednesday, February 10th. The shares were sold at an average price of $244.67, for a total value of $515,519.69. Following the transaction, the insider now directly owns 18,954 shares of the company’s stock, valued at approximately $4,637,475.18. The disclosure for this sale can be found here. Insiders have sold a total of 11,498 shares of company stock worth $2,816,552 in the last three months. Insiders own 1.04% of the company’s stock.
Cummins (NYSE:CMI) last issued its earnings results on Wednesday, February 3rd. The company reported $3.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.74 by $0.62. Cummins had a net margin of 8.12% and a return on equity of 20.30%. The firm had revenue of $5.83 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the business earned $2.56 earnings per share. The company’s quarterly revenue was up 4.5% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 11.41 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 4th. Investors of record on Friday, February 19th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.11%. The ex-dividend date was Thursday, February 18th. Cummins’s dividend payout ratio (DPR) is presently 35.88%.
Several research analysts recently issued reports on CMI shares. Morgan Stanley cut their target price on Cummins from $258.00 to $238.00 and set an “equal weight” rating on the stock in a research report on Monday, March 8th. Jefferies Financial Group raised shares of Cummins from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $250.00 to $325.00 in a report on Wednesday, March 10th. Credit Suisse Group increased their target price on shares of Cummins from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, February 5th. Cowen boosted their price target on shares of Cummins from $239.00 to $243.00 and gave the stock a “market perform” rating in a report on Tuesday, February 9th. Finally, Argus upped their price objective on shares of Cummins from $246.00 to $281.00 and gave the stock a “buy” rating in a research report on Thursday, February 11th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the company. Cummins presently has a consensus rating of “Hold” and an average target price of $233.81.
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 New Power. 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 new parts and services, as well as remanufactured parts and engines.
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