Horizon Bancorp Inc. IN Boosts Stock Holdings in Cummins Inc. $CMI

Horizon Bancorp Inc. IN grew its position in shares of Cummins Inc. (NYSE:CMI) by 105.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 243 shares of the company’s stock after acquiring an additional 125 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in Cummins were worth $80,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Olde Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter worth $30,000. Accredited Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter worth $31,000. Opal Wealth Advisors LLC bought a new stake in shares of Cummins during the 1st quarter worth $37,000. Richardson Financial Services Inc. bought a new stake in shares of Cummins during the 1st quarter worth $39,000. Finally, Costello Asset Management INC bought a new stake in shares of Cummins during the 1st quarter worth $40,000. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at $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 sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is currently owned by insiders.

Cummins Trading Down 2.3%

Shares of CMI opened at $426.20 on Friday. The business’s 50-day moving average price is $406.06 and its 200-day moving average price is $348.80. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The stock has a market cap of $58.73 billion, a PE ratio of 20.04, a P/E/G ratio of 2.11 and a beta of 1.04. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

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

Cummins Increases Dividend

The business also recently declared 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 is a boost 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 (DPR) is currently 37.61%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Barclays boosted their price objective on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Robert W. Baird boosted their price objective on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Finally, Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $397.43.

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.