Cullen Frost Bankers Inc. Purchases 3,822 Shares of Cummins Inc. (NYSE:CMI)

Cullen Frost Bankers Inc. lifted its position in Cummins Inc. (NYSE:CMI) by 6.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 67,588 shares of the company’s stock after acquiring an additional 3,822 shares during the period. Cullen Frost Bankers Inc.’s holdings in Cummins were worth $18,717,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cultivar Capital Inc. bought a new position in Cummins during the second quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the second quarter valued at approximately $28,000. First United Bank & Trust bought a new position in Cummins during the fourth quarter valued at approximately $25,000. Lynx Investment Advisory bought a new position in Cummins during the second quarter valued at approximately $29,000. Finally, LRI Investments LLC bought a new position in Cummins during the first quarter valued at approximately $31,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Evercore ISI increased their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. lifted their target price on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Finally, TD Cowen increased their price target on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $299.55.

Cummins Trading Down 1.2 %

Shares of Cummins stock traded down $3.44 on Friday, reaching $293.21. The company had a trading volume of 608,819 shares, compared to its average volume of 1,723,766. The firm has a market cap of $40.11 billion, a price-to-earnings ratio of 21.48, a P/E/G ratio of 1.82 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm’s 50-day moving average price is $292.17 and its two-hundred day moving average price is $285.88. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same period in the previous year, the firm earned $5.18 earnings per share. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were given a $1.82 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio is 53.29%.

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.