12,693 Shares in Cummins Inc. $CMI Bought by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. acquired 12,693 Cummins shares in the third quarter, valued at approximately $6.6 million. Institutional investors collectively own 83.46% of Cummins.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $708.18, although several firms recently lowered their targets.
• Cummins reported quarterly EPS of $6.73, below the $7.21 consensus estimate, while revenue rose 9.4% year over year to $9.46 billion. The company also declared a quarterly dividend of $2.20 per share, representing a 1.7% yield.

First Citizens Bank & Trust Co. acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 12,693 shares of the company's stock, valued at approximately $6,557,000.

Other large investors have also recently bought and sold shares of the company. Valmark Advisers Inc. boosted its position in shares of Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock worth $472,000 after purchasing an additional 16 shares in the last quarter. Guardian Partners Inc. increased its holdings in shares of Cummins by 1.0% in the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock valued at $852,000 after purchasing an additional 16 shares in the last quarter. Uhlmann Price Securities LLC lifted its stake in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock valued at $386,000 after purchasing an additional 17 shares during the period. Legacy Financial Advisors Inc. lifted its stake in shares of Cummins by 2.0% in the second quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company's stock valued at $681,000 after purchasing an additional 19 shares during the period. Finally, Mengis Capital Management Inc. lifted its stake in shares of Cummins by 0.3% in the fourth quarter. Mengis Capital Management Inc. now owns 6,463 shares of the company's stock valued at $3,299,000 after purchasing an additional 20 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the firm's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wells Fargo & Company lowered their target price on shares of Cummins from $874.00 to $760.00 and set an "overweight" rating on the stock in a research report on Thursday, October 8th. Evercore decreased their price target on Cummins from $845.00 to $782.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 11th. CICC Research started coverage on Cummins in a report on Sunday, August 23rd. They issued an "outperform" rating and a $781.00 price target on the stock. Bank of America dropped their price objective on Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Finally, Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $708.18.

Cummins Stock Performance

NYSE:CMI opened at $529.57 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The firm has a market cap of $72.90 billion, a PE ratio of 27.06, a P/E/G ratio of 1.39 and a beta of 1.24. The firm has a 50 day simple moving average of $562.88 and a 200-day simple moving average of $620.45. Cummins Inc. has a 1-year low of $400.72 and a 1-year high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $6.43 EPS. On average, equities analysts expect that Cummins Inc. will post 30.10 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins's dividend payout ratio is currently 44.97%.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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