Dorsey & Whitney Trust CO LLC Buys 499 Shares of Cummins Inc. $CMI

Dorsey & Whitney Trust CO LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 18.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,215 shares of the company’s stock after buying an additional 499 shares during the quarter. Dorsey & Whitney Trust CO LLC’s holdings in Cummins were worth $1,053,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Accredited Wealth Management LLC bought a new position in shares of Cummins in the first quarter worth $31,000. Richardson Financial Services Inc. acquired a new stake in Cummins during the first quarter worth about $39,000. Costello Asset Management INC bought a new position in Cummins in the 1st quarter valued at about $40,000. Wealth Preservation Advisors LLC acquired a new position in shares of Cummins in the 1st quarter valued at approximately $41,000. Finally, CNB Bank bought a new stake in shares of Cummins during the 2nd quarter worth approximately $43,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 36,820 shares of company stock worth $16,463,263. 0.41% of the stock is currently owned by company insiders.

Cummins Trading Up 2.0%

NYSE CMI opened at $465.27 on Wednesday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $484.84. The business’s fifty day moving average is $431.01 and its 200 day moving average is $378.40. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a market cap of $64.22 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the company earned $5.86 earnings per share. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is presently 41.52%.

Analysts Set New Price Targets

Several research analysts have commented on CMI shares. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Monday. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Wells Fargo & Company started coverage on Cummins in a research report on Thursday, November 13th. They issued an “overweight” rating and a $599.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $445.93.

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.