Commerce Bank Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Commerce Bank cut its stake in shares of Cummins Inc. (NYSE:CMI) by 2.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,373 shares of the company’s stock after selling 465 shares during the period. Commerce Bank’s holdings in Cummins were worth $5,414,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. First United Bank & Trust acquired a new stake in Cummins during the fourth quarter worth about $25,000. Private Wealth Management Group LLC purchased a new position in Cummins in the fourth quarter valued at approximately $26,000. JNBA Financial Advisors lifted its position in Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. Silver Oak Securities Incorporated purchased a new stake in Cummins during the third quarter worth approximately $28,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in shares of Cummins in the fourth quarter worth $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Up 0.4 %

Shares of Cummins stock opened at $275.26 on Thursday. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $279.21 and a 200 day moving average price of $270.49. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $304.24. The firm has a market cap of $37.65 billion, a P/E ratio of 20.07, a P/E/G ratio of 1.69 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. On average, sell-side analysts forecast that Cummins Inc. will post 18.73 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 49.19%.

Insiders Place Their Bets

In related news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction dated Friday, May 24th. The stock was bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Jeffrey T. Wiltrout bought 282 shares of the business’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marvin Boakye purchased 1,745 shares of the stock in a transaction dated Monday, May 20th. The shares were purchased at an average price of $286.04 per share, with a total value of $499,139.80. Following the transaction, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the subject of a number of research reports. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and upped their price target for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. The Goldman Sachs Group increased their target price on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Citigroup assumed coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Truist Financial lowered their price objective on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research report on Tuesday, July 2nd. Finally, StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $287.18.

Cummins Company 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.