US Bancorp DE Buys 1,496 Shares of Cummins Inc. (NYSE:CMI)

US Bancorp DE lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 2.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 75,919 shares of the company’s stock after acquiring an additional 1,496 shares during the period. US Bancorp DE owned approximately 0.06% of Cummins worth $24,582,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Pathway Financial Advisers LLC boosted its holdings in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC grew its position in Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after acquiring an additional 972,247 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after acquiring an additional 604,735 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Cummins in the 2nd quarter valued at $68,018,000. Finally, SG Americas Securities LLC grew its holdings in shares of Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after purchasing an additional 179,346 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 0.1 %

Shares of NYSE:CMI opened at $328.51 on Friday. The firm has a market capitalization of $45.02 billion, a P/E ratio of 23.68, a P/E/G ratio of 1.90 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The stock has a 50 day moving average price of $318.94 and a 200-day moving average price of $297.09. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $340.82.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $5.18 earnings per share. As a group, equities research analysts anticipate that Cummins Inc. will post 19.96 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 52.49%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Truist Financial raised their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Evercore ISI upped their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $311.55.

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.