Montecito Bank & Trust Invests $1.04 Million in Cummins Inc. $CMI

Montecito Bank & Trust bought a new position in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,467 shares of the company’s stock, valued at approximately $1,042,000.

A number of other large investors also recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its holdings in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares in the last quarter. Algert Global LLC purchased a new stake in Cummins in the 1st quarter worth $323,000. Aptus Capital Advisors LLC boosted its holdings in shares of Cummins by 63.6% during the 1st quarter. Aptus Capital Advisors LLC now owns 8,295 shares of the company’s stock valued at $2,600,000 after purchasing an additional 3,224 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of Cummins by 16.0% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 6,769 shares of the company’s stock valued at $2,122,000 after purchasing an additional 935 shares in the last quarter. Finally, Legacy Financial Advisors Inc. grew its position in shares of Cummins by 7.8% during the first quarter. Legacy Financial Advisors Inc. now owns 676 shares of the company’s stock valued at $212,000 after purchasing an additional 49 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE CMI opened at $500.58 on Friday. The company has a market cap of $69.10 billion, a P/E ratio of 25.98, a P/E/G ratio of 1.96 and a beta of 1.11. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The business’s 50 day moving average price is $465.34 and its 200-day moving average price is $404.98. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $526.50.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the company earned $5.86 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s payout ratio is currently 41.52%.

Insider Buying and Selling

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 27,330 shares of company stock valued at $12,649,764 in the last ninety days. 0.41% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Argus boosted their target price on Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Truist Financial lifted their price objective on Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a research note on Thursday. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. UBS Group raised shares of Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Finally, Wells Fargo & Company started coverage on shares of Cummins in a research note on Thursday, November 13th. They set an “overweight” rating and a $599.00 price target on the stock. Eleven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $484.53.

About Cummins

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.