Glenview Trust Co Purchases New Shares in Cummins Inc. $CMI

Key Points

• Glenview Trust Co. initiated a Cummins stake, purchasing 3,981 shares valued at approximately $2.84 million in the second quarter. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings per share of $6.73 fell short of the $7.21 analyst consensus. The company also raised its quarterly dividend to $2.20 from $2.00.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $745.64, compared with the stock’s reported price of $564.61.

Glenview Trust Co bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,981 shares of the company's stock, valued at approximately $2,839,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Concorde Asset Management LLC purchased a new position in Cummins in the second quarter valued at about $317,000. Empowered Funds LLC purchased a new position in shares of Cummins during the 2nd quarter valued at approximately $18,004,000. United Capital Financial Advisors LLC acquired a new stake in shares of Cummins during the second quarter worth approximately $3,837,000. Dearborn Partners LLC bought a new stake in shares of Cummins in the second quarter worth $930,000. Finally, Old North State Trust LLC acquired a new stake in Cummins in the second quarter valued at $481,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company's stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Cummins Stock Performance

NYSE:CMI opened at $564.61 on Friday. The company has a 50-day moving average of $647.45 and a 200-day moving average of $627.90. The firm has a market cap of $77.72 billion, a price-to-earnings ratio of 28.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $6.43 earnings per share. Analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This is a positive change from Cummins's previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins's dividend payout ratio is 44.97%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. CICC Research began coverage on shares of Cummins in a research note on Sunday, August 23rd. They set an "outperform" rating on the stock. Weiss Ratings raised Cummins from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 17th. Argus increased their price objective on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Wells Fargo & Company upped their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 17th. Finally, Evercore reiterated an "outperform" rating and set a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $745.64.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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