Parkside Financial Bank & Trust Acquires 145 Shares of Cummins Inc. (NYSE:CMI)

Parkside Financial Bank & Trust raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 9.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,648 shares of the company’s stock after purchasing an additional 145 shares during the period. Parkside Financial Bank & Trust’s holdings in Cummins were worth $395,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. Bison Wealth LLC grew its holdings in shares of Cummins by 3.6% during the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after acquiring an additional 42 shares during the period. KB Financial Partners LLC grew its stake in shares of Cummins by 1.3% in the 3rd quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock worth $819,000 after buying an additional 45 shares during the last quarter. Edmp Inc. grew its stake in shares of Cummins by 0.8% in the 4th quarter. Edmp Inc. now owns 5,560 shares of the company’s stock worth $1,332,000 after buying an additional 46 shares during the last quarter. Ledge Wealth Management Inc. raised its holdings in Cummins by 0.5% in the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock worth $2,165,000 after purchasing an additional 48 shares during the period. Finally, Peloton Wealth Strategists raised its holdings in Cummins by 0.4% in the 3rd quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock worth $3,227,000 after purchasing an additional 50 shares during the period. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent research reports. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and raised their target price for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Morgan Stanley initiated coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price on the stock. JPMorgan Chase & Co. raised their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. The Goldman Sachs Group increased their price target on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, Citigroup increased their price target on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $279.70.

Cummins Trading Down 0.4 %

NYSE CMI traded down $1.03 during trading on Wednesday, hitting $291.67. The stock had a trading volume of 116,819 shares, compared to its average volume of 2,732,214. The stock has a 50 day simple moving average of $281.69 and a 200 day simple moving average of $249.59. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24. The stock has a market capitalization of $39.89 billion, a price-to-earnings ratio of 56.66, a P/E/G ratio of 1.97 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the prior year, the firm posted $4.52 earnings per share. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was purchased at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares in the company, valued at $284,696.76. The disclosure for this purchase can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 in the last ninety days. Company insiders own 0.56% of the company’s stock.

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.