Kentucky Trust Co Acquires Shares of 240 Cummins Inc. (NYSE:CMI)

Kentucky Trust Co acquired a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 240 shares of the company’s stock, valued at approximately $84,000.

Other large investors also recently modified their holdings of the company. Pathway Financial Advisers LLC boosted its holdings in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after buying an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after buying an additional 972,247 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares in the last quarter. State Street Corp boosted its holdings in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Finally, abrdn plc boosted its holdings in shares of Cummins by 22.5% in the 3rd quarter. abrdn plc now owns 611,810 shares of the company’s stock valued at $198,119,000 after buying an additional 112,529 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Down 2.3 %

CMI stock opened at $364.08 on Thursday. Cummins Inc. has a one year low of $250.90 and a one year high of $387.90. The stock has a market capitalization of $49.94 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31. The company has a fifty day moving average of $361.68 and a 200-day moving average of $337.74.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter last year, the business earned $4.14 EPS. The business’s revenue was down 1.1% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CMI. The Goldman Sachs Group upped their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of 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 report on Monday, December 9th. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Citigroup lowered their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Robert W. Baird increased their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $383.08.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.56% of the company’s stock.

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.