Security National Bank of Sioux City Iowa IA Cuts Stake in Cummins Inc. (NYSE:CMI)

Security National Bank of Sioux City Iowa IA lessened its holdings in Cummins Inc. (NYSE:CMI) by 0.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 6,647 shares of the company’s stock after selling 46 shares during the quarter. Cummins accounts for 1.6% of Security National Bank of Sioux City Iowa IA’s investment portfolio, making the stock its 17th largest holding. Security National Bank of Sioux City Iowa IA’s holdings in Cummins were worth $2,317,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Global Trust Asset Management LLC increased its stake in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the period. KG&L Capital Management LLC raised its stake in shares of Cummins by 0.8% during the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after acquiring an additional 28 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after purchasing an additional 28 shares during the period. Fiduciary Trust Co grew its stake in shares of Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after purchasing an additional 28 shares during the last quarter. Finally, Massachusetts Wealth Management increased its holdings in Cummins by 0.6% during the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after purchasing an additional 30 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. increased their price objective on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Evercore ISI raised their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Citigroup boosted their price objective on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday. Robert W. Baird decreased their price objective on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Finally, Morgan Stanley lifted their target price on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $354.83.

Cummins Trading Down 0.2%

Shares of NYSE CMI opened at $332.02 on Friday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The firm has a 50-day moving average of $303.94 and a 200 day moving average of $341.35. The stock has a market cap of $45.74 billion, a P/E ratio of 11.79, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the business earned $5.08 earnings per share. The business’s revenue was down 2.7% on a year-over-year basis. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Friday, May 23rd. Cummins’s payout ratio is 36.22%.

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.