Moody National Bank Trust Division Purchases 92 Shares of Cummins Inc. $CMI

Moody National Bank Trust Division boosted its position in Cummins Inc. (NYSE:CMI) by 1.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,233 shares of the company’s stock after purchasing an additional 92 shares during the quarter. Moody National Bank Trust Division’s holdings in Cummins were worth $2,041,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new position in shares of Cummins during the first quarter valued at approximately $2,749,000. Alpha Cubed Investments LLC purchased a new position in shares of Cummins during the first quarter valued at approximately $440,000. Assenagon Asset Management S.A. lifted its holdings in shares of Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after purchasing an additional 1,114 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after purchasing an additional 126,362 shares during the last quarter. Finally, Artemis Investment Management LLP lifted its holdings in shares of Cummins by 19.1% during the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock valued at $2,428,000 after purchasing an additional 1,241 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, CFO Mark Andrew Smith sold 1,580 shares of the business’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $419.00, for a total transaction of $662,020.00. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $13,232,858. The trade was a 4.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president directly owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,119 shares of company stock worth $14,159,885. Company insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $426.94 on Friday. The firm has a market cap of $58.83 billion, a PE ratio of 20.07, a P/E/G ratio of 1.99 and a beta of 1.02. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The firm has a fifty day simple moving average of $384.90 and a two-hundred day simple moving average of $338.94. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $428.96.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.26 EPS. On average, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is presently 37.61%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CMI. 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. The Goldman Sachs Group upgraded 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. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Citigroup boosted their price objective on shares of Cummins from $380.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. Finally, Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $389.29.

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.