Security National Bank of SO Dak Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Security National Bank of SO Dak lessened its stake in Cummins Inc. (NYSE:CMI) by 0.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,846 shares of the company’s stock after selling 35 shares during the quarter. Cummins comprises about 1.3% of Security National Bank of SO Dak’s holdings, making the stock its 28th largest holding. Security National Bank of SO Dak’s holdings in Cummins were worth $2,173,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Congress Wealth Management LLC DE acquired a new position in shares of Cummins in the fourth quarter valued at approximately $201,000. Steward Partners Investment Advisory LLC boosted its holdings in Cummins by 8.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,531 shares of the company’s stock valued at $1,325,000 after acquiring an additional 450 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Cummins by 0.9% during the 4th quarter. TD Asset Management Inc now owns 132,572 shares of the company’s stock worth $31,760,000 after purchasing an additional 1,223 shares during the period. Focus Financial Network Inc. ADV purchased a new position in shares of Cummins in the 4th quarter valued at $1,270,000. Finally, Olympiad Research LP purchased a new stake in shares of Cummins in the fourth quarter worth about $244,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of analyst reports. Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Robert W. Baird increased their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Truist Financial increased their price target on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Raymond James began coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Citigroup initiated coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $299.55.

Insider Buying and Selling

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

Cummins Stock Up 2.2 %

Shares of CMI opened at $324.51 on Friday. The company has a market cap of $44.39 billion, a P/E ratio of 23.76, a P/E/G ratio of 1.81 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm has a 50 day simple moving average of $299.67 and a two-hundred day simple moving average of $289.61. Cummins Inc. has a one year low of $212.80 and a one year high of $333.43.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is 53.29%.

Cummins Company 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.