Hancock Whitney Corp Sells 1,379 Shares of Cummins Inc. (NYSE:CMI)

Hancock Whitney Corp trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 19.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,568 shares of the company’s stock after selling 1,379 shares during the quarter. Hancock Whitney Corp’s holdings in Cummins were worth $1,641,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Cummins by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after purchasing an additional 106,017 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Cummins by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after purchasing an additional 96,387 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its position in shares of Cummins by 3.1% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock worth $342,817,000 after purchasing an additional 43,090 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in shares of Cummins by 4.8% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after purchasing an additional 64,365 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

CMI traded up $11.86 during mid-day trading on Thursday, reaching $303.66. 1,136,718 shares of the company traded hands, compared to its average volume of 1,889,369. The stock has a market capitalization of $41.53 billion, a P/E ratio of 22.23, a P/E/G ratio of 1.82 and a beta of 0.99. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company’s fifty day moving average price is $279.53 and its 200-day moving average price is $275.79. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. On average, sell-side analysts expect that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.40%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s dividend payout ratio is 49.19%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CMI shares. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. TD Cowen boosted their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Raymond James initiated coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Robert W. Baird lowered their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Finally, The Goldman Sachs Group upped their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $287.18.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cummins news, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction on 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 acquisition, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

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.