Greenleaf Trust Buys 303 Shares of Cummins Inc. (NYSE:CMI)

Greenleaf Trust raised its holdings in Cummins Inc. (NYSE:CMI) by 3.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,068 shares of the company’s stock after purchasing an additional 303 shares during the quarter. Greenleaf Trust’s holdings in Cummins were worth $2,612,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Chicago Capital LLC grew its stake in Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after buying an additional 30 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after buying an additional 35 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in Cummins by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after buying an additional 35 shares in the last quarter. Fidelis Capital Partners LLC grew its position in Cummins by 3.4% in the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock valued at $340,000 after acquiring an additional 38 shares during the last quarter. Finally, Bangor Savings Bank raised its stake in Cummins by 39.2% during the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after acquiring an additional 40 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $330.12 on Thursday. The firm has a market cap of $45.15 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $315.05 and a 200-day moving average price of $295.57. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $5.18 EPS. As a group, equities research analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.21%. Cummins’s payout ratio is currently 53.29%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Barclays boosted their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Robert W. Baird lifted their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Evercore ISI upped their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, JPMorgan Chase & Co. upped their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $311.55.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.