Greenfield Savings Bank Increases Stock Holdings in Cummins Inc. $CMI

Key Points

• Greenfield Savings Bank increased its Cummins holdings by 2,141.7% in the third quarter, owning 19,189 shares worth approximately $9.9 million. Institutional investors collectively own 83.46% of the company.
• Cummins shares fell 3.7% to $515.77, while the company’s latest quarterly earnings of $6.73 per share missed analyst expectations despite revenue rising 9.4% year over year to $9.46 billion.
• Cummins raised its quarterly dividend from $2.00 to $2.20 per share, equivalent to an annualized dividend of $8.80 and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $724.29.

Greenfield Savings Bank lifted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 2,141.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,189 shares of the company's stock after buying an additional 18,333 shares during the quarter. Cummins makes up about 3.8% of Greenfield Savings Bank's holdings, making the stock its 3rd biggest holding. Greenfield Savings Bank's holdings in Cummins were worth $9,912,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Persistent Asset Partners Ltd purchased a new position in Cummins during the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC grew its holdings in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock worth $33,000 after purchasing an additional 22 shares during the period. Cedar Mountain Advisors LLC increased its stake in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Key Financial Inc increased its stake in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after purchasing an additional 20 shares in the last quarter. Finally, Cornerstone Financial Management LLC lifted its holdings in shares of Cummins by 65.8% during the second quarter. Cornerstone Financial Management LLC now owns 63 shares of the company's stock valued at $45,000 after purchasing an additional 25 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the company'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 transaction, the vice president directly owned 4,479 shares of the company's stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

Cummins Stock Down 3.7%

Shares of NYSE:CMI traded down $19.54 during trading on Wednesday, reaching $515.77. 1,249,804 shares of the stock traded hands, compared to its average volume of 985,853. The stock has a 50-day moving average of $573.79 and a two-hundred day moving average of $621.23. Cummins Inc. has a 52-week low of $400.72 and a 52-week high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock has a market cap of $71.00 billion, a P/E ratio of 26.36, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins's revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.43 earnings per share. As a group, sell-side analysts expect that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were paid a $2.20 dividend. This is an increase from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, August 21st. Cummins's dividend payout ratio (DPR) is presently 44.97%.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of analyst reports. UBS Group dropped their price target on Cummins from $835.00 to $741.00 and set a "buy" rating on the stock in a research report on Wednesday, September 30th. Bank of America reduced their price objective on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Weiss Ratings cut Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, August 31st. Citigroup boosted their target price on Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Finally, CICC Research initiated coverage on Cummins in a research note on Sunday, August 23rd. They issued an "outperform" rating and a $781.00 target price on the stock. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Cummins presently has an average rating of "Moderate Buy" and a consensus price target of $724.29.

Cummins Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.