First Financial Bankshares Inc Lowers Stock Position in Cummins Inc. (NYSE:CMI)

First Financial Bankshares Inc cut its stake in shares of Cummins Inc. (NYSE:CMI) by 5.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,055 shares of the company’s stock after selling 64 shares during the quarter. First Financial Bankshares Inc’s holdings in Cummins were worth $342,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CMI. Brookstone Capital Management raised its stake in Cummins by 33.3% during the first quarter. Brookstone Capital Management now owns 2,232 shares of the company’s stock worth $658,000 after acquiring an additional 558 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Cummins by 0.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,197 shares of the company’s stock valued at $4,772,000 after buying an additional 82 shares during the last quarter. Applied Capital LLC FL grew its position in Cummins by 3.7% in the 1st quarter. Applied Capital LLC FL now owns 6,498 shares of the company’s stock worth $1,915,000 after purchasing an additional 229 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Cummins by 0.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 410,647 shares of the company’s stock worth $120,997,000 after acquiring an additional 2,041 shares during the period. Finally, Azzad Asset Management Inc. ADV lifted its holdings in shares of Cummins by 13.3% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 9,296 shares of the company’s stock worth $2,739,000 after acquiring an additional 1,088 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Evercore ISI upped their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Citigroup increased their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, Truist Financial increased their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $311.55.

Insider Buying and Selling

In other news, 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 value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction 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 completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Cummins Price Performance

CMI stock opened at $329.17 on Monday. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $340.82. The firm has a market cap of $45.02 billion, a P/E ratio of 24.10, a P/E/G ratio of 1.92 and a beta of 0.98. The company’s 50-day moving average price is $316.25 and its two-hundred day moving average price is $295.94.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating 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 firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period last year, the firm earned $5.18 EPS. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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