Busey Bank Has $24.21 Million Stock Holdings in Cummins Inc. $CMI

Key Points

• Busey Bank sold 1,048 shares of Cummins Inc., reducing its stake by 1.4%, holding approximately 73,916 shares valued at about $24.2 million.
• Insider sales include VP Amy Rochelle Davis selling 5,002 shares for $2.02 million and CFO Mark Andrew Smith selling 1,580 shares for $662,020, indicating a pattern of decreasing positions among company insiders.
• Cummins recently declared an increase in its quarterly dividend to $2.00 per share, up from $1.82, reflecting a positive outlook with a 1.9% dividend yield.

Busey Bank lessened its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 73,916 shares of the company's stock after selling 1,048 shares during the period. Busey Bank owned about 0.05% of Cummins worth $24,208,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fox Run Management L.L.C. bought a new stake in Cummins in the first quarter valued at approximately $2,749,000. Alpha Cubed Investments LLC acquired a new position in shares of Cummins in the first quarter valued at approximately $440,000. Assenagon Asset Management S.A. grew its position in shares of Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock valued at $4,283,000 after purchasing an additional 1,114 shares during the last quarter. Invesco Ltd. grew its position in shares of Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock valued at $381,129,000 after purchasing an additional 126,362 shares during the last quarter. Finally, Artemis Investment Management LLP grew its position in shares of Cummins by 19.1% in the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock valued at $2,428,000 after purchasing an additional 1,241 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Cummins Price Performance

Shares of CMI stock traded down $1.34 during trading hours on Tuesday, reaching $423.51. The company's stock had a trading volume of 425,525 shares, compared to its average volume of 872,867. The firm's 50 day simple moving average is $388.30 and its 200-day simple moving average is $339.96. The company has a market capitalization of $58.36 billion, a price-to-earnings ratio of 19.90, a PEG ratio of 2.05 and a beta of 1.02. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $432.50. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. During the same period in the prior year, the company earned $5.26 EPS. Cummins's revenue was down 1.7% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is 37.61%.

Analyst Ratings Changes

Several equities analysts have recently commented on CMI shares. Truist Financial upped their target price on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Wells Fargo & Company raised Cummins to an "overweight" rating in a research report on Monday, August 11th. Robert W. Baird increased their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Finally, Citigroup raised their target price on Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a report on Tuesday. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cummins has an average rating of "Moderate Buy" and a consensus price target of $393.57.

Insider Activity

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares in the company, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Robert Enright sold 1,860 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares of the company's stock, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is owned by insiders.

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.