Argent Trust Co Has $3.47 Million Stock Position in Cummins Inc. (NYSE:CMI)

Argent Trust Co increased its position in Cummins Inc. (NYSE:CMI) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,078 shares of the company’s stock after buying an additional 99 shares during the period. Argent Trust Co’s holdings in Cummins were worth $3,472,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CMI. Brighton Jones LLC grew its stake in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the period. Headlands Technologies LLC bought a new position in shares of Cummins in the 4th quarter worth $69,000. World Investment Advisors acquired a new stake in Cummins in the 4th quarter valued at $309,000. Resona Asset Management Co. Ltd. bought a new stake in Cummins during the 4th quarter valued at $14,628,000. Finally, Envestnet Asset Management Inc. raised its holdings in Cummins by 2.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 670,258 shares of the company’s stock worth $233,652,000 after buying an additional 13,515 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CMI shares. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and decreased their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and an average price target of $361.92.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director owned 2,441 shares of the company’s stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

Cummins stock opened at $355.86 on Monday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The stock has a market cap of $49.02 billion, a P/E ratio of 17.70, a price-to-earnings-growth ratio of 1.98 and a beta of 1.02. The firm’s fifty day moving average price is $334.30 and its 200-day moving average price is $330.82.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the previous year, the company posted $5.08 earnings per share. The company’s revenue was down 2.7% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a $2.00 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, August 22nd. Cummins’s payout ratio is currently 36.22%.

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.