Stock Yards Bank & Trust Co. Grows Position in Cummins Inc. (NYSE:CMI)

Stock Yards Bank & Trust Co. boosted its stake in Cummins Inc. (NYSE:CMI) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,089 shares of the company’s stock after buying an additional 88 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Cummins were worth $1,648,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. PFG Investments LLC raised its stake in shares of Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares during the period. CWM LLC increased its holdings in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC raised its position in Cummins by 109,309.3% in the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares during the period. Alpha DNA Investment Management LLC purchased a new stake in Cummins in the third quarter valued at approximately $748,000. Finally, Dupree Financial Group LLC purchased a new position in shares of Cummins during the third quarter worth $3,925,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of CMI stock opened at $370.66 on Friday. The company has a market cap of $50.85 billion, a P/E ratio of 24.48, a PEG ratio of 1.80 and a beta of 0.99. The firm has a fifty day moving average price of $351.60 and a 200 day moving average price of $312.44. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the firm posted $4.73 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.96%. Cummins’s dividend payout ratio is currently 48.08%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $355.00 to $420.00 in a report on Monday. Finally, The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $352.85.

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.