Trust Co. of Vermont Purchases New Shares in Cummins Inc. $CMI

Trust Co. of Vermont acquired a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel reports. The institutional investor acquired 17,022 shares of the company’s stock, valued at approximately $12,140,000.

A number of other large investors have also modified their holdings of the company. Activest Wealth Management grew 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 period. Cedar Mountain Advisors LLC increased its stake in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in Cummins in the 2nd quarter worth about $26,000. Wellington Shields Capital Management LLC acquired a new position in Cummins in the 4th quarter worth about $27,000. Finally, Key Financial Inc raised its holdings in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CMI. JPMorgan Chase & Co. raised their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research note on Wednesday, May 6th. UBS Group decreased their price objective on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Truist Financial set a $894.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Stock Up 1.8%

Shares of CMI opened at $642.56 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The stock has a market capitalization of $88.45 billion, a price-to-earnings ratio of 32.83, a PEG ratio of 1.50 and a beta of 1.24. The stock has a 50 day moving average price of $664.99 and a 200 day moving average price of $628.02.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company posted $6.43 earnings per share. Equities research analysts forecast that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is currently 40.88%.

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.