Community Trust & Investment Co. Has $4 Million Stake in Cummins Inc. $CMI

Community Trust & Investment Co. cut its stake in Cummins Inc. (NYSE:CMI) by 32.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 5,615 shares of the company’s stock after selling 2,670 shares during the quarter. Community Trust & Investment Co.’s holdings in Cummins were worth $4,005,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. LifeGoal Investments LLC purchased a new position in shares of Cummins during the second quarter valued at approximately $240,000. Cooper Financial Group purchased a new stake in Cummins in the 2nd quarter valued at $263,000. Castle Rock Wealth Management LLC lifted its stake in Cummins by 11.6% during the 2nd quarter. Castle Rock Wealth Management LLC now owns 598 shares of the company’s stock valued at $408,000 after acquiring an additional 62 shares in the last quarter. Elevation Wealth Partners LLC boosted its holdings in Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares during the last quarter. Finally, Czech National Bank boosted its holdings in Cummins by 4.4% during the 2nd quarter. Czech National Bank now owns 39,277 shares of the company’s stock worth $28,013,000 after acquiring an additional 1,648 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CMI. Barclays increased their target price on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Wells Fargo & Company upped their price objective on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Truist Financial set a $894.00 price objective on shares of Cummins in a research note on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Evercore restated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Insider Buying and Selling at Cummins

In related news, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the sale, the executive vice president owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This trade represents a 5.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 7,690 shares of company stock valued at $5,360,654 in the last quarter. Insiders own 0.30% of the company’s stock.

Cummins Trading Up 0.0%

NYSE CMI opened at $644.21 on Friday. The business’s fifty day moving average is $668.83 and its 200-day moving average is $625.16. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.11. The stock has a market capitalization of $88.68 billion, a price-to-earnings ratio of 32.92, a PEG ratio of 1.57 and a beta of 1.24. Cummins Inc. has a one year low of $383.90 and a one year high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company posted $6.43 EPS. Cummins’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts predict that Cummins Inc. will post 29.42 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.