Parkside Financial Bank & Trust Sells 183 Shares of Cummins Inc. (NYSE:CMI)

Parkside Financial Bank & Trust cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 10.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,632 shares of the company’s stock after selling 183 shares during the period. Parkside Financial Bank & Trust’s holdings in Cummins were worth $452,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Foundry Partners LLC bought a new position in shares of Cummins during the 2nd quarter valued at about $21,073,000. Victory Capital Management Inc. lifted its stake in Cummins by 12.2% in the second quarter. Victory Capital Management Inc. now owns 173,662 shares of the company’s stock valued at $48,092,000 after buying an additional 18,883 shares in the last quarter. Columbia Asset Management acquired a new position in shares of Cummins in the second quarter valued at approximately $201,000. National Bank of Canada FI increased its position in shares of Cummins by 6.4% during the second quarter. National Bank of Canada FI now owns 81,183 shares of the company’s stock worth $22,101,000 after acquiring an additional 4,871 shares in the last quarter. Finally, Impact Partnership Wealth LLC raised its holdings in shares of Cummins by 5,896.7% during the second quarter. Impact Partnership Wealth LLC now owns 1,799 shares of the company’s stock worth $498,000 after acquiring an additional 1,769 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the 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 directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s 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 transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CMI shares. JPMorgan Chase & Co. upped their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Robert W. Baird increased their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Evercore ISI boosted their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. TD Cowen raised their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, Citigroup assumed coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $299.55.

Cummins Stock Down 1.1 %

Cummins stock opened at $293.41 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company’s 50-day moving average is $292.17 and its 200-day moving average is $285.88. The firm has a market capitalization of $40.13 billion, a PE ratio of 21.48, a P/E/G ratio of 1.82 and a beta of 0.99. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the previous year, the business earned $5.18 earnings per share. The business’s revenue was up 2.3% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is 53.29%.

About Cummins

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.