Hancock Whitney Corp Has $1.66 Million Position in Cummins Inc. (NYSE:CMI)

Hancock Whitney Corp boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.5% in the second quarter, according to its most recent filing with the SEC. The firm owned 5,988 shares of the company’s stock after acquiring an additional 420 shares during the period. Hancock Whitney Corp’s holdings in Cummins were worth $1,658,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Cummins by 244.6% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 6,034 shares of the company’s stock worth $1,671,000 after purchasing an additional 4,283 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in Cummins by 11.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 31,394 shares of the company’s stock valued at $8,694,000 after buying an additional 3,200 shares during the period. Ranch Capital Advisors Inc. boosted its holdings in Cummins by 1.1% during the second quarter. Ranch Capital Advisors Inc. now owns 5,096 shares of the company’s stock worth $1,411,000 after buying an additional 54 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Cummins by 44.5% in the second quarter. Canada Pension Plan Investment Board now owns 145,309 shares of the company’s stock valued at $40,240,000 after buying an additional 44,762 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its position in shares of Cummins by 2.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 28,999 shares of the company’s stock worth $8,031,000 after acquiring an additional 707 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research reports. Truist Financial increased their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Evercore ISI boosted their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. JPMorgan Chase & Co. lifted their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Citigroup started coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Raymond James began coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $299.55.

Cummins Price Performance

Shares of CMI opened at $308.24 on Monday. The company’s 50-day moving average is $297.72 and its 200-day moving average is $288.45. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm has a market capitalization of $42.16 billion, a PE ratio of 22.57, a PEG ratio of 1.70 and a beta of 0.98. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $5.18 EPS. Equities analysts forecast that Cummins Inc. will post 19.66 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a dividend of $1.82 per share. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.36%. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Sharon R. Barner sold 4,780 shares of Cummins 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 sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Cummins Company 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.