Cummins Inc. (NYSE:CMI) Shares Acquired by Wesbanco Bank Inc.

Wesbanco Bank Inc. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,998 shares of the company’s stock after purchasing an additional 100 shares during the quarter. Wesbanco Bank Inc.’s holdings in Cummins were worth $647,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CMI. Distillate Capital Partners LLC lifted its stake in shares of Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after acquiring an additional 59,027 shares during the period. CWM LLC raised its holdings in Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after purchasing an additional 1,786 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in Cummins in the second quarter valued at about $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP increased its position in Cummins by 190.3% during the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after purchasing an additional 12,087 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CMI shares. Robert W. Baird raised their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Raymond James began coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Barclays upped their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Finally, Citigroup boosted their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cummins has an average rating of “Hold” and a consensus price target of $311.55.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of the firm’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 transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. 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 can be accessed through this hyperlink. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’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 transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins Trading Up 0.4 %

Shares of Cummins stock opened at $333.88 on Thursday. The business has a 50 day moving average price of $311.09 and a 200 day moving average price of $294.29. The company has a market capitalization of $45.67 billion, a P/E ratio of 24.44, a P/E/G ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $339.78.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned $5.18 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. Cummins’s dividend payout ratio is currently 53.29%.

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.