STAR Financial Bank Has $482,000 Stock Holdings in Cummins Inc. (NYSE:CMI)

STAR Financial Bank lowered its stake in Cummins Inc. (NYSE:CMIFree Report) by 6.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,636 shares of the company’s stock after selling 110 shares during the quarter. STAR Financial Bank’s holdings in Cummins were worth $482,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. First United Bank & Trust acquired a new position in shares of Cummins during the 4th quarter worth about $25,000. Private Wealth Management Group LLC acquired a new stake in Cummins during the 4th quarter worth $26,000. Silver Oak Securities Incorporated acquired a new position in Cummins in the third quarter valued at about $28,000. DiNuzzo Private Wealth Inc. bought a new position in shares of Cummins during the 4th quarter valued at about $31,000. Finally, JNBA Financial Advisors increased its stake in Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

CMI traded up $5.42 during trading on Wednesday, hitting $274.10. The stock had a trading volume of 699,768 shares, compared to its average volume of 2,020,086. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The firm has a market cap of $37.49 billion, a price-to-earnings ratio of 20.07, a P/E/G ratio of 1.69 and a beta of 0.99. The company has a 50 day moving average price of $279.21 and a 200-day moving average price of $270.49. Cummins Inc. has a one year low of $212.80 and a one year high of $304.24.

Cummins (NYSE:CMIGet Free Report) last announced its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. As a group, research analysts predict that Cummins Inc. will post 18.73 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.66%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is presently 49.19%.

Insider Activity

In related news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Marvin Boakye acquired 1,745 shares of Cummins stock in a transaction on Monday, May 20th. The shares were purchased at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMI. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Citigroup began coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Robert W. Baird reduced their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Finally, The Goldman Sachs Group upped their target price on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Cummins has an average rating of “Hold” and an average price target of $287.18.

Read Our Latest Stock Report on Cummins

About Cummins

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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