Trust Co. of Vermont Purchases Shares of 17,022 Cummins Inc. $CMI

Key Points

• Trust Co. of Vermont acquired 17,022 shares of Cummins, valued at approximately $12.14 million, during the second quarter. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but earnings per share of $6.73 missed consensus expectations of $7.21.
• The company increased its quarterly dividend from $2.00 to $2.20 per share, implying an annualized dividend of $8.80 and a 1.4% yield. Analysts maintain a “Moderate Buy” consensus with a $745.64 target price.

Trust Co. of Vermont acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 17,022 shares of the company's stock, valued at approximately $12,140,000.

A number of other large investors have also recently made changes to their positions in the stock. Activest Wealth Management increased its position in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after acquiring an additional 43 shares during the period. Cedar Mountain Advisors LLC lifted its position in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after acquiring an additional 45 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Cummins during the 2nd quarter worth about $26,000. Wellington Shields Capital Management LLC purchased a new stake in Cummins during the 4th quarter valued at about $27,000. Finally, Key Financial Inc grew its stake in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of CMI opened at $642.56 on Tuesday. The business's 50-day moving average is $664.99 and its two-hundred day moving average is $628.02. The company has a market capitalization of $88.45 billion, a P/E ratio of 32.83, a P/E/G ratio of 1.50 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.43 EPS. Research analysts predict that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This is a boost from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. Cummins's dividend payout ratio is presently 40.88%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CMI. Evercore restated an "outperform" rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Truist Financial set a $894.00 target price on Cummins in a research report on Wednesday, August 5th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Cummins in a report on Monday, August 3rd. UBS Group reduced their price target on shares of Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Finally, Zacks Research cut shares of Cummins from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of "Moderate Buy" and a consensus target price of $745.64.

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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