Cummins Inc. (NYSE:CMI) Shares Bought by Hancock Whitney Corp

Hancock Whitney Corp raised its position in Cummins Inc. (NYSE:CMI) by 545.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 38,630 shares of the company’s stock after acquiring an additional 32,642 shares during the period. Hancock Whitney Corp’s holdings in Cummins were worth $12,508,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins in the 2nd quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new stake in shares of Cummins in the second quarter valued at approximately $28,000. Lynx Investment Advisory acquired a new position in Cummins during the second quarter worth $29,000. LRI Investments LLC purchased a new position in Cummins in the first quarter worth $31,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins in the third quarter valued at $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 1.0 %

Shares of NYSE:CMI opened at $372.62 on Monday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $51.12 billion, a P/E ratio of 24.61, a P/E/G ratio of 1.81 and a beta of 0.97. Cummins Inc. has a 52-week low of $222.04 and a 52-week high of $373.35. The stock’s fifty day simple moving average is $335.78 and its 200-day simple moving average is $304.64.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm earned $4.73 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.95%. Cummins’s payout ratio is currently 48.08%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 6,489 shares of company stock worth $2,357,531. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Truist Financial upped 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. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. The Goldman Sachs Group upped their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus target price of $337.67.

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.