Parkside Financial Bank & Trust Has $644,000 Stock Position in Cummins Inc. $CMI

Parkside Financial Bank & Trust grew its stake in Cummins Inc. (NYSE:CMI) by 12.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,968 shares of the company’s stock after acquiring an additional 214 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Cummins were worth $644,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Motley Fool Asset Management LLC lifted its holdings in shares of Cummins by 9.7% during the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after acquiring an additional 623 shares during the period. Applied Finance Capital Management LLC increased its position in shares of Cummins by 14.4% during the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after purchasing an additional 7,656 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Cummins during the 1st quarter worth about $2,749,000. Invesco Ltd. lifted its holdings in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after purchasing an additional 126,362 shares during the last quarter. Finally, Jump Financial LLC boosted its position in Cummins by 101.9% in the first quarter. Jump Financial LLC now owns 5,843 shares of the company’s stock valued at $1,831,000 after buying an additional 2,949 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CMI. Truist Financial lifted their target price on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research note on Friday. Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 price objective on shares of Cummins in a research report on Friday. Evercore ISI restated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Thursday. Finally, Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus price target of $428.93.

Cummins Trading Up 2.4%

CMI stock opened at $474.10 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $482.53. The company has a market cap of $65.32 billion, a P/E ratio of 22.29, a PEG ratio of 2.05 and a beta of 1.07. The business has a fifty day moving average of $420.80 and a 200-day moving average of $369.17.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the company earned $5.86 earnings per share. As a group, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s payout ratio is currently 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction 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 owned 20,738 shares in the company, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 37,949 shares of company stock valued at $15,674,705. 0.41% of the stock is currently owned by corporate insiders.

Cummins 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.