STAR Financial Bank Trims Stock Holdings in Cummins Inc. (NYSE:CMI)

STAR Financial Bank lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 33.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,115 shares of the company’s stock after selling 551 shares during the quarter. STAR Financial Bank’s holdings in Cummins were worth $361,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CMI. Cypress Capital Group purchased a new stake in shares of Cummins during the third quarter valued at $706,000. King Luther Capital Management Corp boosted its position in Cummins by 0.4% in the 3rd quarter. King Luther Capital Management Corp now owns 19,285 shares of the company’s stock valued at $6,244,000 after buying an additional 78 shares during the period. Cornerstone Advisors LLC grew its stake in Cummins by 117.2% in the 3rd quarter. Cornerstone Advisors LLC now owns 6,300 shares of the company’s stock worth $2,040,000 after acquiring an additional 3,400 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Cummins by 2.4% during the third quarter. First Horizon Advisors Inc. now owns 68,502 shares of the company’s stock worth $22,181,000 after acquiring an additional 1,620 shares during the period. Finally, Advisors Asset Management Inc. raised its stake in shares of Cummins by 23.5% during the third quarter. Advisors Asset Management Inc. now owns 27,346 shares of the company’s stock valued at $8,854,000 after acquiring an additional 5,206 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.3 %

Cummins stock opened at $360.95 on Thursday. The stock has a 50-day moving average price of $332.94 and a 200 day moving average price of $303.34. The company has a market capitalization of $49.52 billion, a price-to-earnings ratio of 23.84, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the firm earned $4.73 EPS. The business’s revenue for the quarter was up .3% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.02%. Cummins’s payout ratio is 48.08%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CMI shares. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $337.67.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock valued at $9,033,945 over the last ninety days. Company insiders own 0.56% of the company’s stock.

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.