NBH Bank Purchases Shares of 2,768 Cummins Inc. $CMI

NBH Bank purchased a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,768 shares of the company’s stock, valued at approximately $1,974,000. Cummins makes up approximately 0.8% of NBH Bank’s investment portfolio, making the stock its 26th biggest holding.

A number of other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Cummins in the second quarter worth about $8,204,241,000. State Street Corp increased its stake in Cummins by 0.8% in the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after acquiring an additional 49,628 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after acquiring an additional 35,286 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after acquiring an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $561.44 on Friday. The firm has a market capitalization of $77.29 billion, a PE ratio of 28.69, a PEG ratio of 1.47 and a beta of 1.23. The stock’s fifty day moving average is $632.30 and its 200 day moving average is $626.49. Cummins Inc. has a fifty-two week low of $390.11 and a fifty-two week high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the previous year, the firm earned $6.43 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a dividend of $2.20 per share. The ex-dividend date of this dividend was Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 44.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CMI shares. Morgan Stanley boosted their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Argus boosted their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Citigroup upped their target price on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Wells Fargo & Company increased their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $764.54.

Cummins Profile

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.