Cullen Frost Bankers Inc. Sells 2,113 Shares of Cummins Inc. $CMI

Cullen Frost Bankers Inc. decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 65,954 shares of the company’s stock after selling 2,113 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Cummins were worth $33,666,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. bought a new stake in Cummins during the 4th quarter valued at approximately $26,000. Activest Wealth Management boosted its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Ares Financial Consulting LLC bought a new stake in Cummins during the 4th quarter valued at approximately $29,000. Holos Integrated Wealth LLC bought a new stake in Cummins during the 4th quarter valued at approximately $32,000. Finally, Palouse Capital Management Inc. bought a new stake in Cummins during the 4th quarter valued at approximately $33,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 2.8%

Cummins stock opened at $658.67 on Wednesday. The business has a 50 day moving average price of $606.31 and a two-hundred day moving average price of $558.95. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock has a market cap of $90.89 billion, a price-to-earnings ratio of 34.18, a price-to-earnings-growth ratio of 1.71 and a beta of 1.27. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $718.08.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.96 EPS. As a group, equities analysts forecast that Cummins Inc. will post 28.39 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 41.52%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CMI shares. Argus set a $696.00 target price on Cummins in a research note on Tuesday, February 10th. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Truist Financial set a $815.00 price target on Cummins in a report on Wednesday, May 6th. Sanford C. Bernstein set a $600.00 price target on Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. upped their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $677.87.

Insider Buying and Selling at Cummins

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares of the company’s stock, valued at $8,873,101.38. This trade represents a 20.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 22,397 shares of company stock worth $14,465,833 over the last three months. 0.30% of the stock is currently owned by insiders.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.