Trust Co. of Toledo NA OH trimmed its holdings in shares of Cummins Inc. (NYSE:CMI – Free Report) by 13.4% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,044 shares of the company’s stock after selling 162 shares during the period. Trust Co. of Toledo NA OH’s holdings in Cummins were worth $342,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Drucker Wealth 3.0 LLC purchased a new position in Cummins during the second quarter worth about $663,000. Aberdeen Group plc boosted its holdings in shares of Cummins by 13.9% in the 2nd quarter. Aberdeen Group plc now owns 186,414 shares of the company’s stock worth $61,022,000 after purchasing an additional 22,751 shares in the last quarter. Zullo Investment Group Inc. boosted its holdings in shares of Cummins by 5.9% in the 2nd quarter. Zullo Investment Group Inc. now owns 821 shares of the company’s stock worth $269,000 after purchasing an additional 46 shares in the last quarter. Strong Tower Advisory Services boosted its holdings in shares of Cummins by 5.0% in the 2nd quarter. Strong Tower Advisory Services now owns 9,024 shares of the company’s stock worth $2,955,000 after purchasing an additional 432 shares in the last quarter. Finally, JB Capital LLC boosted its holdings in shares of Cummins by 24.8% in the 2nd quarter. JB Capital LLC now owns 1,036 shares of the company’s stock worth $339,000 after purchasing an additional 206 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.
Cummins Stock Down 3.1%
CMI stock opened at $413.28 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The firm has a market cap of $56.95 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.00 and a beta of 1.04. The business has a 50 day moving average of $407.21 and a 200 day moving average of $349.52.
Cummins Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 1.9%. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is 37.61%.
Insider Buying and Selling at Cummins
In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction 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 directly owned 5,227 shares in the company, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on 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 in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,119 shares of company stock worth $17,674,285. Insiders own 0.41% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on CMI. Truist Financial upped their price objective on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Robert W. Baird increased their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Finally, Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $397.43.
Get Our Latest Report on Cummins
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.
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