Cummins Inc. $CMI Shares Bought by OLD Second National Bank of Aurora

OLD Second National Bank of Aurora lifted its holdings in Cummins Inc. (NYSE:CMI) by 5.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 16,568 shares of the company’s stock after buying an additional 865 shares during the quarter. Cummins comprises approximately 1.2% of OLD Second National Bank of Aurora’s portfolio, making the stock its 24th largest holding. OLD Second National Bank of Aurora’s holdings in Cummins were worth $5,426,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. V Square Quantitative Management LLC boosted its stake in shares of Cummins by 1.0% in the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after purchasing an additional 31 shares during the period. Bank of Jackson Hole Trust boosted its stake in shares of Cummins by 1.2% in the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares during the period. Scotia Capital Inc. boosted its stake in shares of Cummins by 0.5% in the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after purchasing an additional 34 shares during the period. Van Hulzen Asset Management LLC boosted its stake in shares of Cummins by 1.2% in the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after purchasing an additional 34 shares during the period. Finally, Sylvest Advisors LLC boosted its stake in shares of Cummins by 1.0% in the second quarter. Sylvest Advisors LLC now owns 3,342 shares of the company’s stock valued at $1,095,000 after purchasing an additional 34 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 1.9%

Cummins stock opened at $432.81 on Friday. The firm’s 50-day moving average is $399.47 and its 200-day moving average is $345.06. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $433.00. The company has a market cap of $59.64 billion, a P/E ratio of 20.35, a PEG ratio of 2.05 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the firm posted $5.26 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is 37.61%.

Insider Buying and Selling

In related news, VP Robert Enright sold 1,860 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president owned 955 shares of the company’s stock, valued at $384,158.30. This trade represents a 66.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,119 shares of company stock worth $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. Truist Financial upped their target price on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. 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. Robert W. Baird increased their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Barclays increased their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cummins has an average rating of “Moderate Buy” and a consensus target price of $393.57.

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.