Wesbanco Bank Inc. Acquires 9,700 Shares of Cummins Inc. $CMI

Key Points

• Wesbanco Bank Inc. significantly increased its holdings in Cummins Inc. by 471.6%, acquiring an additional 9,700 shares to reach a total of 11,757 shares valued at approximately $3.85 million.
• Insider selling occurred recently, with VP Amy Rochelle Davis unloading 5,002 shares, resulting in a 19.43% decrease in her holdings, while VP Robert Enright sold 1,860 shares, reflecting a 66.07% reduction in his position.
• Cummins announced an increase in its quarterly dividend to $2.00 per share, up from $1.82, representing a 1.9% yield on an annualized basis and a payout ratio of 37.61%.

Wesbanco Bank Inc. grew its position in Cummins Inc. (NYSE:CMI - Free Report) by 471.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 11,757 shares of the company's stock after buying an additional 9,700 shares during the period. Wesbanco Bank Inc.'s holdings in Cummins were worth $3,850,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Cummins by 30.3% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,305 shares of the company's stock worth $1,083,000 after purchasing an additional 768 shares during the period. RB Capital Management LLC acquired a new stake in shares of Cummins during the second quarter worth $207,000. Jacobs & Co. CA grew its stake in shares of Cummins by 0.9% during the second quarter. Jacobs & Co. CA now owns 34,843 shares of the company's stock worth $11,411,000 after purchasing an additional 309 shares during the period. Central Pacific Bank Trust Division grew its stake in shares of Cummins by 5.6% during the second quarter. Central Pacific Bank Trust Division now owns 861 shares of the company's stock worth $282,000 after purchasing an additional 46 shares during the period. Finally, Kera Capital Partners Inc. acquired a new stake in shares of Cummins during the second quarter worth $389,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction dated 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 completion of the transaction, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,039 shares of company stock worth $10,385,075. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

NYSE CMI opened at $410.84 on Monday. The company has a market capitalization of $56.61 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 1.98 and a beta of 1.02. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $413.77. The stock has a fifty day simple moving average of $378.17 and a 200 day simple moving average of $337.07. 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 (NYSE:CMI - Get Free Report) last issued its quarterly earnings results 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. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the business posted $5.26 EPS. The business's revenue was down 1.7% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins's dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research analyst reports. Barclays boosted their target price on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Truist Financial boosted their target price on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Wells Fargo & Company raised Cummins to an "overweight" rating in a research note on Monday, August 11th. Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Finally, Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of "Moderate Buy" and a consensus price target of $389.29.

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.

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