Horizon Bancorp Inc. IN Cuts Position in Cummins Inc. (NYSE:CMI)

Horizon Bancorp Inc. IN lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 46.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 149 shares of the company’s stock after selling 131 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in Cummins were worth $48,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Cultivar Capital Inc. acquired a new position in shares of Cummins during the second quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins in the second quarter worth $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins in the second quarter worth $29,000. LRI Investments LLC bought a new position in Cummins in the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the third quarter valued at $34,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were 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 in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the business’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 sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Cummins Price Performance

CMI traded down $3.31 during trading on Friday, hitting $329.17. The company’s stock had a trading volume of 604,435 shares, compared to its average volume of 1,539,366. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $340.82. The firm has a market capitalization of $45.02 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 1.92 and a beta of 0.98. The business’s fifty day simple moving average is $315.70 and its 200 day simple moving average is $295.82. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.18 EPS. On average, equities research analysts forecast that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 53.29%.

Wall Street Analyst Weigh In

CMI has been the subject of several recent research reports. Robert W. Baird upped their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Truist Financial boosted their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Barclays boosted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Citigroup boosted their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Raymond James initiated coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $311.55.

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.