Stock Yards Bank & Trust Co. Acquires 961 Shares of Cummins Inc. (NYSE:CMI)

Stock Yards Bank & Trust Co. lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 20.6% during the fourth quarter, HoldingsChannel reports. The firm owned 5,636 shares of the company’s stock after acquiring an additional 961 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Cummins were worth $1,350,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CMI. Vanguard Group Inc. raised its position in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after buying an additional 2,055,239 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Cummins by 21,025.8% in the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after purchasing an additional 731,697 shares during the last quarter. iA Global Asset Management Inc. bought a new stake in shares of Cummins in the third quarter worth $71,268,000. Envestnet Asset Management Inc. boosted its holdings in Cummins by 88.9% during the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after purchasing an additional 274,927 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Cummins by 28.2% in the third quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock valued at $244,710,000 after purchasing an additional 235,372 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CMI shares. JPMorgan Chase & Co. raised their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. Truist Financial started coverage on Cummins in a report on Thursday, March 14th. They set a “hold” rating and a $303.00 price objective for the company. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $243.00 to $225.00 in a research report on Friday, January 19th. Finally, StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $279.70.

Cummins Stock Up 0.8 %

NYSE CMI opened at $292.71 on Wednesday. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The business has a fifty day moving average price of $281.69 and a two-hundred day moving average price of $249.59. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The stock has a market capitalization of $40.03 billion, a PE ratio of 56.51, a PEG ratio of 1.97 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The business had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. Cummins’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.52 earnings per share. Equities analysts expect that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is 129.73%.

Cummins Company Profile

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.