Synovus Financial Corp Has $6.02 Million Holdings in Cummins Inc. $CMI

Key Points

• Synovus Financial Corp increased its stake in Cummins Inc. by 7.4%, acquiring an additional 1,326 shares, bringing its total holdings to 19,213 shares valued at approximately $6.02 million.
• Cummins has declared a quarterly dividend of $2.00, up from its previous $1.82, with an annualized dividend yield of 2.0% expected to be paid on September 4th.
• Overall, institutional investors own 83.46% of Cummins' stock, reflecting strong support from the investment community despite recent insider sales.

Synovus Financial Corp raised its stake in Cummins Inc. (NYSE:CMI - Free Report) by 7.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,213 shares of the company's stock after purchasing an additional 1,326 shares during the period. Synovus Financial Corp's holdings in Cummins were worth $6,022,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Fiduciary Trust Co raised its stake in shares of Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after buying an additional 28 shares in the last quarter. Bank of Jackson Hole Trust raised its stake in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock valued at $887,000 after buying an additional 33 shares in the last quarter. Scotia Capital Inc. raised its stake in shares of Cummins by 0.5% in the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company's stock valued at $2,104,000 after buying an additional 34 shares in the last quarter. Van Hulzen Asset Management LLC increased its position in shares of Cummins by 1.2% during the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company's stock worth $872,000 after purchasing an additional 34 shares in the last quarter. Finally, Ascent Group LLC increased its position in shares of Cummins by 2.7% during the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after purchasing an additional 37 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Truist Financial increased their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Morgan Stanley raised their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Citigroup raised their price objective on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Finally, Barclays raised their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Seven equities research 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's stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of "Hold" and an average price target of $370.83.

Insider Activity

In other news, VP Luther E. Peters sold 4,850 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company's stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,039 shares of company stock valued at $10,385,075. 0.41% of the stock is currently owned by company insiders.

Cummins Trading Up 0.8%

Cummins stock traded up $3.04 during midday trading on Wednesday, hitting $401.50. 532,994 shares of the stock were exchanged, compared to its average volume of 921,417. The stock has a market capitalization of $55.32 billion, a PE ratio of 18.88, a P/E/G ratio of 1.93 and a beta of 1.02. The company has a fifty day simple moving average of $359.93 and a two-hundred day simple moving average of $335.12. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $408.38.

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

Cummins Increases Dividend

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

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.