Midwest Trust Co Acquires 9,187 Shares of Cummins Inc. $CMI

Key Points

• Midwest Trust Co sharply increased its Cummins stake in the first quarter, buying 9,187 additional shares and lifting its holdings to 10,489 shares worth about $5.64 million.
• Cummins reported better-than-expected quarterly results, with earnings of $6.15 per share versus estimates of $5.63 and revenue of $8.40 billion, while revenue rose 2.7% year over year.
• The company also paid a $2.00 quarterly dividend and has drawn a mostly positive analyst outlook, with a consensus rating of Moderate Buy and an average price target of $738.00.

Midwest Trust Co boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 705.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,489 shares of the company's stock after buying an additional 9,187 shares during the period. Midwest Trust Co's holdings in Cummins were worth $5,643,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CMI. Vanguard Group Inc. raised its holdings in shares of Cummins by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock worth $9,058,841,000 after acquiring an additional 98,544 shares during the last quarter. State Street Corp boosted its stake in Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company's stock valued at $3,322,954,000 after purchasing an additional 49,628 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock valued at $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company's stock worth $1,741,004,000 after purchasing an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, VP Donald G. Jackson sold 730 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the sale, the chief accounting officer owned 14,084 shares of the company's stock, valued at $9,652,328.56. This trade represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,579 shares of company stock worth $9,377,684 in the last ninety days. Corporate insiders own 0.30% of the company's stock.

Cummins Stock Performance

Shares of CMI opened at $676.93 on Monday. The stock has a 50 day moving average of $679.54 and a 200 day moving average of $609.98. The company has a market capitalization of $93.41 billion, a price-to-earnings ratio of 35.13, a PEG ratio of 1.65 and a beta of 1.22. Cummins Inc. has a 12 month low of $334.70 and a 12 month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business's revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.96 earnings per share. As a group, sell-side analysts forecast that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins's payout ratio is 41.52%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CMI. Evercore restated an "outperform" rating and issued a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Cummins in a report on Friday, May 22nd. Raymond James Financial increased their price target on Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. raised their price objective on Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Finally, Truist Financial lifted their price objective on shares of Cummins from $815.00 to $901.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $738.00.

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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