10,343 Shares in Cummins Inc. $CMI Acquired by Community Trust & Investment Co.

Community Trust & Investment Co. purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,343 shares of the company’s stock, valued at approximately $3,387,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter worth $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter worth $31,000. Capital A Wealth Management LLC acquired a new stake in shares of Cummins in the fourth quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins in the first quarter worth $37,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of Cummins in the first quarter valued at $39,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at $12,790,710. This trade represents a 17.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,119 shares of company stock valued at $14,159,885. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several analyst reports. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and upped their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Melius upgraded shares of 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. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $389.29.

Cummins Stock Down 0.9%

Cummins stock opened at $411.56 on Thursday. The stock has a market cap of $56.71 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 2.01 and a beta of 1.02. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company’s 50-day moving average price is $383.16 and its two-hundred day moving average price is $338.45. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $420.75.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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 net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the firm posted $5.26 EPS. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed 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 positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s payout ratio is 37.61%.

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.