City Holding Co. Increases Holdings in Cummins Inc. $CMI

City Holding Co. boosted its stake in Cummins Inc. (NYSE:CMI) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,380 shares of the company’s stock after acquiring an additional 162 shares during the quarter. City Holding Co.’s holdings in Cummins were worth $5,692,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CMI. Olde Wealth Management LLC purchased a new position in Cummins in the first quarter valued at about $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins during the first quarter worth approximately $31,000. Opal Wealth Advisors LLC acquired a new stake in Cummins in the first quarter valued at $37,000. Richardson Financial Services Inc. bought a new position in Cummins during the 1st quarter valued at $39,000. Finally, Costello Asset Management INC bought a new position in shares of Cummins during the first quarter worth about $40,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CMI shares. Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Barclays raised their price target on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Citigroup increased their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $393.57.

Insider Activity

In related news, CFO Mark Andrew Smith sold 6,500 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $12,790,710. This trade represents a 17.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock valued at $14,159,885 in the last three months. 0.41% of the stock is currently owned by insiders.

Cummins Price Performance

Shares of NYSE CMI opened at $418.59 on Friday. The company has a market capitalization of $57.68 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 2.02 and a beta of 1.02. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $432.50. 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 50-day moving average of $394.06 and a two-hundred day moving average of $342.33.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The company 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 business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $5.26 earnings per share. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio is 37.61%.

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.