Hancock Whitney Corp Grows Stock Holdings in Cummins Inc. $CMI

Key Points

• Hancock Whitney Corp increased its holdings in Cummins Inc. by 2.1%, owning a total of 40,180 shares worth approximately $12.59 million at the end of the first quarter.
• Cummins has recently announced a quarterly dividend increase to $2.00 per share, up from $1.82, representing an annualized dividend of $8.00 and a yield of 2.0%.
• Analysts have upgraded Cummins to a "buy" rating with price targets reaching as high as $500.00, reflecting confidence in the company’s growth potential despite recent stock fluctuations.

Hancock Whitney Corp raised its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,180 shares of the company's stock after purchasing an additional 821 shares during the period. Hancock Whitney Corp's holdings in Cummins were worth $12,594,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CMI. Olde Wealth Management LLC purchased a new position in shares of Cummins during the first quarter worth $30,000. Accredited Wealth Management LLC acquired a new position in Cummins during the first quarter worth $31,000. Capital A Wealth Management LLC purchased a new position in Cummins during the fourth quarter valued at $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Cummins during the first quarter worth about $37,000. Finally, Richardson Financial Services Inc. acquired a new stake in Cummins in the 1st quarter worth about $39,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 0.9%

Cummins stock opened at $391.70 on Thursday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $408.38. The firm has a market capitalization of $53.97 billion, a P/E ratio of 18.42, a P/E/G ratio of 1.93 and a beta of 1.02. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock's fifty day simple moving average is $367.86 and its 200-day simple moving average is $336.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. During the same period in the previous year, the company earned $5.26 EPS. The company's revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a $2.00 dividend. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. Cummins's payout ratio is currently 37.61%.

Insider Activity

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares of the company's stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,039 shares of company stock worth $10,385,075 over the last ninety days. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research reports. Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research report on Wednesday. Melius upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a research report on Wednesday. Evercore ISI restated an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Robert W. Baird lifted their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $389.29.

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.

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