Wilmington Savings Fund Society FSB Grows Stock Position in Cummins Inc. (NYSE:CMI)

Wilmington Savings Fund Society FSB raised its stake in Cummins Inc. (NYSE:CMI) by 18.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,990 shares of the company’s stock after purchasing an additional 794 shares during the period. Wilmington Savings Fund Society FSB’s holdings in Cummins were worth $1,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. increased its holdings in Cummins by 2.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,863 shares of the company’s stock valued at $1,624,000 after buying an additional 140 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Cummins by 26.4% in the 2nd quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock valued at $369,000 after acquiring an additional 262 shares during the last quarter. Gradient Investments LLC raised its position in shares of Cummins by 290.0% during the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company’s stock worth $43,000 after acquiring an additional 116 shares in the last quarter. Zhang Financial LLC lifted its stake in Cummins by 8.0% during the second quarter. Zhang Financial LLC now owns 967 shares of the company’s stock worth $268,000 after purchasing an additional 72 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in Cummins by 11.0% in the second quarter. Apollon Wealth Management LLC now owns 11,112 shares of the company’s stock valued at $3,077,000 after purchasing an additional 1,102 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Truist Financial upped their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their target price for the company from $355.00 to $420.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $352.85.

Cummins Stock Down 0.8 %

Cummins stock opened at $367.51 on Friday. The firm has a market capitalization of $50.42 billion, a price-to-earnings ratio of 24.27, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. 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 fifty-two week low of $226.52 and a fifty-two week high of $387.90. The stock’s fifty day moving average is $353.19 and its two-hundred day moving average is $313.66.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share 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 firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm posted $4.73 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Analysts predict that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

Cummins 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.