Trust Co. of Vermont Sells 107 Shares of Cummins Inc. (NYSE:CMI)

Trust Co. of Vermont reduced its stake in Cummins Inc. (NYSE:CMI) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,067 shares of the company’s stock after selling 107 shares during the period. Trust Co. of Vermont’s holdings in Cummins were worth $1,680,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. First United Bank & Trust purchased a new stake in shares of Cummins during the fourth quarter valued at $25,000. Private Wealth Management Group LLC bought a new stake in Cummins in the 4th quarter worth about $26,000. DiNuzzo Private Wealth Inc. bought a new stake in Cummins in the 4th quarter worth about $31,000. LRI Investments LLC bought a new stake in Cummins in the 1st quarter worth about $31,000. Finally, JNBA Financial Advisors increased its holdings in Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after buying an additional 100 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CMI shares. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Robert W. Baird boosted their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday. The Goldman Sachs Group boosted their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price target on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday. Finally, Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $295.00.

Cummins Stock Performance

Shares of NYSE:CMI traded up $9.66 during mid-day trading on Tuesday, reaching $292.31. 1,138,114 shares of the company traded hands, compared to its average volume of 1,881,600. The company’s 50 day moving average price is $280.03 and its 200-day moving average price is $277.31. The firm has a market cap of $39.98 billion, a PE ratio of 21.40, a PEG ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the company posted $5.18 EPS. The firm’s revenue was up 2.3% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.49%. Cummins’s payout ratio is currently 53.29%.

Insider Buying and Selling

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

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.