Sanibel Captiva Trust Company Inc. Buys 1,255 Shares of Cummins Inc. (NYSE:CMI)

Sanibel Captiva Trust Company Inc. increased its position in Cummins Inc. (NYSE:CMI - Free Report) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,674 shares of the company's stock after purchasing an additional 1,255 shares during the period. Sanibel Captiva Trust Company Inc.'s holdings in Cummins were worth $19,645,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC increased its position in Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after buying an additional 67,266 shares in the last quarter. Fayez Sarofim & Co increased its position in shares of Cummins by 72.3% during the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after acquiring an additional 3,440 shares during the period. National Bank of Canada FI lifted its stake in Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after acquiring an additional 3,298 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock valued at $54,876,000 after acquiring an additional 6,107 shares during the period. Finally, Heritage Trust Co bought a new position in shares of Cummins during the 4th quarter worth approximately $1,422,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.41% of the company's stock.

Cummins Stock Down 1.7%

CMI stock traded down $5.55 during mid-day trading on Friday, hitting $319.19. The stock had a trading volume of 553,606 shares, compared to its average volume of 794,318. The stock has a market capitalization of $43.97 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a fifty day moving average of $308.02 and a 200 day moving average of $336.91. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm's revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the company earned $5.08 earnings per share. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.28%. Cummins's payout ratio is 36.22%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. Morgan Stanley increased their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Truist Financial decreased their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and dropped their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Finally, JPMorgan Chase & Co. upped their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Cummins has an average rating of "Hold" and a consensus target price of $357.25.

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.