11,326 Cummins Inc. $CMI Shares Purchased by Legacy Private Trust Co.

Legacy Private Trust Co. grew its position in Cummins Inc. (NYSE:CMI) by 1,264.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 12,222 shares of the company’s stock after purchasing an additional 11,326 shares during the quarter. Legacy Private Trust Co.’s holdings in Cummins were worth $6,314,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of CMI. Cedar Mountain Advisors LLC increased its position in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in Cummins during the second quarter valued at approximately $26,000. Key Financial Inc grew its stake in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares in the last quarter. Elevation Wealth Partners LLC grew its position in shares of Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares during the period. Finally, Steph & Co. increased its position in Cummins by 112.9% during the first quarter. Steph & Co. now owns 66 shares of the company’s stock worth $36,000 after buying an additional 35 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 2.0%

Shares of CMI traded up $10.67 during trading hours on Tuesday, reaching $534.04. 267,664 shares of the stock traded hands, compared to its average volume of 981,711. The company has a market cap of $73.52 billion, a price-to-earnings ratio of 27.29, a PEG ratio of 1.39 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a fifty day simple moving average of $575.94 and a 200 day simple moving average of $621.29. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $6.43 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 30.13 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMI. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. JPMorgan Chase & Co. reduced their target price on Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a report on Wednesday, September 23rd. Truist Financial lowered their price target on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a report on Monday. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Finally, Citigroup raised their price objective on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $724.29.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.