First Merchants Corp Sells 246 Shares of Cummins Inc. (NYSE:CMI)

First Merchants Corp lessened its position in shares of Cummins Inc. (NYSE:CMI) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,211 shares of the company’s stock after selling 246 shares during the period. First Merchants Corp’s holdings in Cummins were worth $6,348,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CMI. Global Trust Asset Management LLC boosted its position in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. KG&L Capital Management LLC raised its stake in Cummins by 0.8% during the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after buying an additional 28 shares during the period. Chicago Capital LLC boosted its holdings in Cummins by 0.9% in the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after acquiring an additional 30 shares in the last quarter. Massachusetts Wealth Management grew its stake in Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after acquiring an additional 30 shares during the period. Finally, Avestar Capital LLC increased its holdings in shares of Cummins by 3.2% during the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after acquiring an additional 31 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the subject of several research reports. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Finally, Truist Financial raised their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $383.08.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.56% of the company’s stock.

Cummins Trading Up 1.4 %

Shares of Cummins stock opened at $369.57 on Friday. The stock has a fifty day moving average price of $361.39 and a 200-day moving average price of $337.92. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. The firm has a market cap of $50.70 billion, a PE ratio of 13.12, a P/E/G ratio of 2.10 and a beta of 1.00. Cummins Inc. has a 1 year low of $258.08 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the company posted $4.14 earnings per share. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

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.