First Nebraska Trust Co Takes $933,000 Position in Cummins Inc. $CMI

First Nebraska Trust Co purchased a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 1,308 shares of the company’s stock, valued at approximately $933,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd purchased a new stake in Cummins in the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC raised its holdings in shares of Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares during the period. Cedar Mountain Advisors LLC raised its holdings in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares during the period. Activest Wealth Management boosted its position in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Finally, Wellington Shields Capital Management LLC acquired a new position in shares of Cummins during the 4th quarter valued at about $27,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.9%

Shares of NYSE:CMI opened at $587.87 on Friday. The business has a 50-day moving average price of $660.86 and a 200 day moving average price of $628.31. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $80.93 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter last year, the firm posted $6.43 earnings per share. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s payout ratio is presently 40.88%.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent analyst reports. Truist Financial set a $894.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research note on Wednesday, May 6th. Raymond James Financial raised their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Finally, UBS Group reduced their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.