Truist Financial Corp Has $19.64 Million Position in Cummins Inc. $CMI

Key Points

• Truist Financial Corp has increased its stake in Cummins Inc. by 8.5%, now owning 59,970 shares valued at approximately $19.64 million.
• Analyst ratings for Cummins reflect optimism, with several firms raising their target prices and many analysts giving it a "Moderate Buy" rating with an average target price of $393.57.
• Cummins recently increased its quarterly dividend from $1.82 to $2.00, representing a 1.8% dividend yield based on an annualized payout of $8.00.

Truist Financial Corp raised its stake in Cummins Inc. (NYSE:CMI - Free Report) by 8.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 59,970 shares of the company's stock after purchasing an additional 4,721 shares during the period. Truist Financial Corp's holdings in Cummins were worth $19,640,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. V Square Quantitative Management LLC increased its stake in shares of Cummins by 1.0% during the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company's stock worth $1,076,000 after purchasing an additional 31 shares during the period. Bank of Jackson Hole Trust grew its holdings in 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. grew its holdings in 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 grew its holdings in Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company's stock valued at $872,000 after buying an additional 34 shares in the last quarter. Finally, Sylvest Advisors LLC boosted its position in shares of Cummins by 1.0% in the second quarter. Sylvest Advisors LLC now owns 3,342 shares of the company's stock valued at $1,095,000 after acquiring an additional 34 shares during the period. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

CMI has been the subject of a number of recent research reports. Citigroup boosted their target price on shares of Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Truist Financial raised their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a report on Monday, August 11th. Weiss Ratings reissued a "buy (b)" rating on shares of Cummins in a research report on Saturday, September 27th. Finally, Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $393.57.

Cummins Stock Up 0.1%

Shares of NYSE:CMI opened at $432.87 on Friday. The company has a fifty day moving average of $400.74 and a 200-day moving average of $345.82. The company has a market capitalization of $59.65 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 2.09 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $437.66.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.26 EPS. On average, equities analysts predict 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 was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a $2.00 dividend. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins's payout ratio is currently 37.61%.

Insider Activity

In other Cummins news, CFO Mark Andrew Smith sold 1,580 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $419.00, for a total transaction of $662,020.00. Following the sale, the chief financial officer directly owned 31,582 shares of the company's stock, valued at $13,232,858. The trade was a 4.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,119 shares of company stock worth $14,159,885. Company insiders own 0.41% of the company's stock.

About Cummins

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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