CENTRAL TRUST Co Decreases Position in Cummins Inc. $CMI

CENTRAL TRUST Co reduced its position in shares of Cummins Inc. (NYSE:CMI) by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,409 shares of the company’s stock after selling 208 shares during the period. CENTRAL TRUST Co’s holdings in Cummins were worth $2,754,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Cummins by 1.9% in the 1st quarter. New York State Common Retirement Fund now owns 90,196 shares of the company’s stock valued at $28,271,000 after purchasing an additional 1,649 shares in the last quarter. Stephens Inc. AR boosted its stake in Cummins by 37.8% during the 1st quarter. Stephens Inc. AR now owns 1,879 shares of the company’s stock worth $589,000 after purchasing an additional 515 shares during the last quarter. CWM LLC boosted its stake in Cummins by 74.0% during the 1st quarter. CWM LLC now owns 22,555 shares of the company’s stock worth $7,070,000 after purchasing an additional 9,593 shares during the last quarter. Finally, MQS Management LLC purchased a new stake in shares of Cummins during the first quarter worth $314,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 38,559 shares of company stock worth $16,842,558. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Barclays raised their price target on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Sanford C. Bernstein restated a “market perform” rating and issued a $475.00 price target on shares of Cummins in a research report on Friday. Citigroup increased their price target on Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a report on Friday, November 7th. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Ten equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $435.00.

Cummins Trading Down 1.8%

CMI opened at $475.70 on Wednesday. The stock has a market capitalization of $65.54 billion, a PE ratio of 22.36, a P/E/G ratio of 2.05 and a beta of 1.07. Cummins Inc. has a one year low of $260.02 and a one year high of $484.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The business’s 50 day moving average price is $424.13 and its 200 day moving average price is $372.39.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the previous year, the business earned $5.86 earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio is presently 41.52%.

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.