Kentucky Trust Co Invests $84,000 in Cummins Inc. (NYSE:CMI)

Kentucky Trust Co purchased a new position in Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 240 shares of the company’s stock, valued at approximately $84,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. PFG Investments LLC boosted its holdings in Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the last quarter. Mariner Investment Group LLC acquired a new position in Cummins in the 4th quarter valued at about $1,046,000. Alpha DNA Investment Management LLC acquired a new position in Cummins in the 3rd quarter valued at about $748,000. Franklin Resources Inc. boosted its holdings in Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares during the last quarter. Finally, Dupree Financial Group LLC acquired a new position in Cummins in the 3rd quarter valued at about $3,925,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.56% of the stock is owned by insiders.

Cummins Price Performance

Shares of CMI opened at $364.08 on Thursday. Cummins Inc. has a fifty-two week low of $250.90 and a fifty-two week high of $387.90. The firm’s 50 day moving average price is $361.68 and its 200 day moving average price is $337.74. The company has a market cap of $49.94 billion, a P/E ratio of 12.92, a PEG ratio of 2.10 and a beta of 1.00. The company has a quick ratio of 0.79, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the firm earned $4.14 EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 22.57 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, March 6th. Investors of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.00%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CMI. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Truist Financial upped their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $383.08.

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.