Cummins Inc. $CMI Stock: Community Trust & Investment Co. Increases Position

Community Trust & Investment Co. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 17.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,615 shares of the company’s stock after purchasing an additional 1,000 shares during the quarter. Community Trust & Investment Co.’s holdings in Cummins were worth $3,417,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CMI. BlackRock Inc. purchased a new stake in shares of Cummins in the 2nd quarter valued at $8,204,241,000. Bank of America Corp DE purchased a new stake in Cummins during the second quarter worth $1,408,353,000. Bank of New York Mellon Corp acquired a new position in shares of Cummins in the second quarter worth about $973,198,000. Legal & General Group Plc acquired a new stake in shares of Cummins during the 2nd quarter valued at about $666,635,000. Finally, Amundi boosted its position in Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after purchasing an additional 147,093 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. JPMorgan Chase & Co. lowered their target price on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 23rd. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Finally, Evercore decreased their price objective on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a report on Tuesday, August 11th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $708.18.

Cummins Trading Up 1.2%

Shares of NYSE:CMI opened at $532.04 on Friday. The company has a market cap of $73.24 billion, a PE ratio of 27.19, a P/E/G ratio of 1.38 and a beta of 1.24. The company’s 50 day moving average is $558.13 and its two-hundred day moving average is $620.48. Cummins Inc. has a 52 week low of $405.82 and a 52 week high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $9.33 billion. During the same period last year, the firm earned $6.43 earnings per share. Cummins’s revenue was up 9.4% on a year-over-year basis. Equities analysts predict that Cummins Inc. will post 30.10 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s payout ratio is currently 44.97%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.