STAR Financial Bank Sells 58 Shares of Cummins Inc. (NYSE:CMI)

STAR Financial Bank trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 7.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 717 shares of the company’s stock after selling 58 shares during the quarter. STAR Financial Bank’s holdings in Cummins were worth $225,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new position in Cummins during the 4th quarter valued at approximately $499,490,000. GAMMA Investing LLC increased its position in Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock valued at $373,428,000 after buying an additional 1,188,276 shares in the last quarter. Vanguard Group Inc. increased its position in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after buying an additional 250,650 shares in the last quarter. Northern Trust Corp increased its position in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after buying an additional 246,807 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its position in Cummins by 57.0% during the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company’s stock valued at $224,317,000 after buying an additional 233,694 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director John H. Stone acquired 1,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director owned 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Morgan Stanley raised their price target on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. UBS Group cut Cummins from a “buy” rating to a “sell” rating and reduced their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. lifted their target price on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $361.42.

Cummins Price Performance

Shares of NYSE:CMI opened at $350.40 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The firm has a 50-day simple moving average of $327.72 and a 200 day simple moving average of $330.87. The company has a market cap of $48.27 billion, a PE ratio of 17.43, a P/E/G ratio of 1.93 and a beta of 1.03.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the business posted $5.08 EPS. The company’s revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is 36.22%.

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.