Fiduciary Trust Co Purchases 505 Shares of Cummins Inc. (NYSE:CMI)

Fiduciary Trust Co boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 26.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,428 shares of the company’s stock after acquiring an additional 505 shares during the quarter. Fiduciary Trust Co’s holdings in Cummins were worth $786,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins during the 2nd quarter valued at $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the second quarter worth about $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the 2nd quarter worth about $29,000. LRI Investments LLC acquired a new position in shares of Cummins during the 1st quarter valued at about $31,000. Finally, Prospera Private Wealth LLC bought a new position in shares of Cummins in the 3rd quarter valued at approximately $32,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CMI. Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Barclays lifted 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. The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $337.67.

Cummins Stock Up 1.1 %

Shares of CMI stock opened at $375.04 on Friday. The stock has a market cap of $51.45 billion, a P/E ratio of 24.77, a price-to-earnings-growth ratio of 1.80 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The stock has a fifty day moving average price of $342.77 and a 200 day moving average price of $307.33. Cummins Inc. has a one year low of $223.35 and a one year high of $379.66.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the business earned $4.73 EPS. The firm’s revenue was up .3% on a year-over-year basis. Analysts predict that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The business 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 dividend yield of 1.94%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Cummins 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.