Cummins Inc. (NYSE:CMI) Shares Acquired by Moody National Bank Trust Division

Moody National Bank Trust Division grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,860 shares of the company’s stock after buying an additional 114 shares during the period. Moody National Bank Trust Division’s holdings in Cummins were worth $1,346,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Ballentine Partners LLC increased its position in Cummins by 4.6% in the 4th quarter. Ballentine Partners LLC now owns 2,168 shares of the company’s stock valued at $519,000 after acquiring an additional 95 shares during the period. Private Trust Co. NA increased its position in Cummins by 4.2% during the 4th quarter. Private Trust Co. NA now owns 2,057 shares of the company’s stock worth $493,000 after purchasing an additional 82 shares during the period. International Assets Investment Management LLC increased its position in Cummins by 21,025.8% during the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after purchasing an additional 731,697 shares during the period. Venture Visionary Partners LLC increased its position in Cummins by 13.7% during the 4th quarter. Venture Visionary Partners LLC now owns 2,566 shares of the company’s stock worth $615,000 after purchasing an additional 310 shares during the period. Finally, Stratos Wealth Partners LTD. increased its position in Cummins by 16.8% during the 4th quarter. Stratos Wealth Partners LTD. now owns 1,692 shares of the company’s stock worth $406,000 after purchasing an additional 243 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at $499,139.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jeffrey T. Wiltrout purchased 282 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

NYSE:CMI traded down $7.78 during mid-day trading on Monday, hitting $282.58. The company’s stock had a trading volume of 1,253,248 shares, compared to its average volume of 1,885,331. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $38.65 billion, a price-to-earnings ratio of 20.63, a P/E/G ratio of 1.93 and a beta of 0.99. The stock has a fifty day moving average of $280.08 and a 200-day moving average of $276.96.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.18 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.58%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio is currently 49.19%.

Analysts Set New Price Targets

CMI has been the topic of a number of research reports. Truist Financial upped their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday. TD Cowen increased their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $293.50.

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.