Smithfield Trust Co Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Smithfield Trust Co grew its position in Cummins Inc. (NYSE:CMI) by 18.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 404 shares of the company’s stock after purchasing an additional 64 shares during the period. Smithfield Trust Co’s holdings in Cummins were worth $130,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins during the second quarter worth approximately $28,000. Cultivar Capital Inc. purchased a new stake in Cummins during the 2nd quarter valued at approximately $28,000. Lynx Investment Advisory acquired a new position in Cummins during the 2nd quarter worth approximately $29,000. LRI Investments LLC acquired a new stake in shares of Cummins in the 1st quarter worth approximately $31,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins during the 3rd quarter valued at $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 4,326 shares of company stock valued at $1,559,125 in the last quarter. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $369.13 on Friday. The firm has a market cap of $50.64 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.64. The firm’s fifty day moving average is $334.37 and its 200-day moving average is $303.79.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Wall Street Analyst Weigh In

CMI has been the subject of several recent research reports. Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. The Goldman Sachs Group upped their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Citigroup increased their price objective on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday. Evercore ISI upgraded 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 research note on Wednesday, November 13th. Finally, Robert W. Baird upped their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $337.67.

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.