Cummins Inc. (NYSE:CMI) Shares Bought by Stock Yards Bank & Trust Co.

Stock Yards Bank & Trust Co. increased its stake in Cummins Inc. (NYSE:CMI) by 20.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,636 shares of the company’s stock after buying an additional 961 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Cummins were worth $1,350,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. OFI Invest Asset Management acquired a new stake in shares of Cummins during the third quarter valued at about $25,000. Silver Oak Securities Incorporated purchased a new stake in Cummins during the 3rd quarter worth approximately $28,000. Global Wealth Strategies & Associates acquired a new position in shares of Cummins in the 3rd quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Cummins during the third quarter worth approximately $39,000. Finally, Peoples Bank KS bought a new stake in shares of Cummins in the third quarter worth $43,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 0.8 %

Shares of Cummins stock opened at $292.71 on Wednesday. The business’s fifty day moving average price is $281.69 and its two-hundred day moving average price is $249.59. The company has a market capitalization of $40.03 billion, a P/E ratio of 56.51, a PEG ratio of 1.97 and a beta of 1.04. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the previous year, the firm earned $4.52 EPS. Cummins’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 18.34 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is currently 129.73%.

Insiders Place Their Bets

In other Cummins news, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the acquisition, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. TD Cowen boosted their target price on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Evercore ISI increased their target price on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. Morgan Stanley started coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Finally, Truist Financial assumed coverage on shares of Cummins in a report on Thursday, March 14th. They set a “hold” rating and a $303.00 target price on the stock. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $279.70.

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.