CENTRAL TRUST Co Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

CENTRAL TRUST Co reduced its position in Cummins Inc. (NYSE:CMI) by 4.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,522 shares of the company’s stock after selling 383 shares during the quarter. CENTRAL TRUST Co’s holdings in Cummins were worth $2,759,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of CMI. CWM LLC boosted its stake in Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after buying an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC boosted its stake in shares of Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Cummins during the 2nd quarter valued at $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after purchasing an additional 21,850 shares during the period. Finally, Duality Advisers LP lifted its stake in Cummins by 190.3% in the first quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after purchasing an additional 12,087 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the company’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 in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $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. 0.56% of the stock is currently owned by insiders.

Cummins Stock Up 0.7 %

CMI stock opened at $332.41 on Friday. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $340.82. The company has a market capitalization of $45.47 billion, a price-to-earnings ratio of 24.33, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The business’s 50 day moving average price is $315.05 and its two-hundred day moving average price is $295.57. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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 business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.18 earnings per share. As a group, analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CMI. Robert W. Baird lifted 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 lifted their price target on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Truist Financial upped their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Finally, Citigroup increased their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $311.55.

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.