Equitable Trust Co. Lowers Stake in Cummins Inc. (NYSE:CMI)

Equitable Trust Co. reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 14.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 795 shares of the company’s stock after selling 130 shares during the period. Equitable Trust Co.’s holdings in Cummins were worth $249,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Fiduciary Trust Co grew its position in Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after purchasing an additional 28 shares during the last quarter. Garrison Point Advisors LLC grew its position in Cummins by 1.1% during the 4th quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company’s stock worth $1,112,000 after purchasing an additional 35 shares during the last quarter. Ascent Group LLC grew its position in Cummins by 2.7% during the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company’s stock worth $494,000 after purchasing an additional 37 shares during the last quarter. Central Pacific Bank Trust Division grew its position in Cummins by 5.0% during the 1st quarter. Central Pacific Bank Trust Division now owns 815 shares of the company’s stock worth $255,000 after purchasing an additional 39 shares during the last quarter. Finally, Perigon Wealth Management LLC grew its position in Cummins by 0.6% during the 1st quarter. Perigon Wealth Management LLC now owns 6,588 shares of the company’s stock worth $2,065,000 after purchasing an additional 42 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director owned 2,441 shares of the company’s stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

NYSE:CMI opened at $369.28 on Friday. The firm has a 50 day simple moving average of $330.38 and a 200-day simple moving average of $330.89. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The firm has a market cap of $50.87 billion, a PE ratio of 18.37, a P/E/G ratio of 2.05 and a beta of 1.03. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

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

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is currently 36.22%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. Robert W. Baird lifted their target price on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Truist Financial lowered their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. Citigroup reaffirmed a “buy” rating and issued a $360.00 target price (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $361.92.

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.