First Financial Bank Trust Division Cuts Position in Cummins Inc. (NYSE:CMI)

First Financial Bank Trust Division trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 4.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,568 shares of the company’s stock after selling 72 shares during the period. First Financial Bank Trust Division’s holdings in Cummins were worth $508,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the second quarter valued at $28,000. Cultivar Capital Inc. purchased a new stake in shares of Cummins during the 2nd quarter valued at about $28,000. Lynx Investment Advisory bought a new position in shares of Cummins in the 2nd quarter valued at about $29,000. LRI Investments LLC purchased a new position in Cummins in the first quarter worth about $31,000. Finally, JNBA Financial Advisors increased its stake in Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on CMI. JPMorgan Chase & Co. raised their price objective on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Barclays raised their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Truist Financial boosted their price objective on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Citigroup assumed coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. Finally, Robert W. Baird upped their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $299.55.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated 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 owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Cummins Stock Performance

Shares of NYSE:CMI opened at $325.01 on Thursday. The firm’s 50 day simple moving average is $302.73 and its 200-day simple moving average is $291.30. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a one year low of $212.80 and a one year high of $333.43. The firm has a market cap of $44.45 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same period last year, the business posted $5.18 EPS. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, equities analysts predict that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. Cummins’s dividend payout ratio is 53.29%.

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.