Bank of Stockton Purchases 134 Shares of Cummins Inc. (NYSE:CMI)

Bank of Stockton boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,672 shares of the company’s stock after buying an additional 134 shares during the period. Bank of Stockton’s holdings in Cummins were worth $2,160,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins during the 2nd quarter valued at about $28,000. Cultivar Capital Inc. bought a new stake in Cummins during the second quarter valued at approximately $28,000. Lynx Investment Advisory purchased a new position in Cummins in the 2nd quarter worth approximately $29,000. LRI Investments LLC purchased a new position in Cummins in the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins in the 3rd quarter worth $34,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMI. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup upped their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. raised their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $311.55.

Cummins Trading Up 0.1 %

Shares of CMI stock traded up $0.30 during mid-day trading on Friday, reaching $332.78. The stock had a trading volume of 31,938 shares, compared to its average volume of 1,536,600. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $45.52 billion, a PE ratio of 24.33, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $340.82. The stock’s 50-day moving average price is $315.05 and its two-hundred day moving average price is $295.57.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.18 EPS. Equities analysts expect that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company 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.