Cummins Inc. $CMI Shares Acquired by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp increased its position in shares of Cummins Inc. (NYSE:CMI) by 109.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,574 shares of the company’s stock after acquiring an additional 2,385 shares during the period. Atlantic Union Bankshares Corp’s holdings in Cummins were worth $1,498,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Motley Fool Asset Management LLC lifted its position in shares of Cummins by 9.7% during the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after purchasing an additional 623 shares during the last quarter. Applied Finance Capital Management LLC raised its stake in Cummins by 14.4% in the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after buying an additional 7,656 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in Cummins during the 1st quarter worth about $2,749,000. Invesco Ltd. lifted its holdings in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after buying an additional 126,362 shares during the last quarter. Finally, Jump Financial LLC boosted its position in shares of Cummins by 101.9% during the 1st quarter. Jump Financial LLC now owns 5,843 shares of the company’s stock worth $1,831,000 after acquiring an additional 2,949 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CMI. JPMorgan Chase & Co. raised their target price on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Barclays increased their price target on shares of Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research note on Monday, October 20th. Sanford C. Bernstein reissued a “market perform” rating and set a $475.00 price objective on shares of Cummins in a report on Friday. Truist Financial upped their target price on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a report on Friday. Finally, Citigroup increased their target price on shares of Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $428.93.

Insider Activity

In other news, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 37,949 shares of company stock worth $15,674,705 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $474.10 on Friday. The firm has a market cap of $65.32 billion, a P/E ratio of 22.29, a P/E/G ratio of 2.05 and a beta of 1.07. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $482.53. The business’s 50-day moving average price is $420.80 and its 200 day moving average price is $368.54. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. During the same period in the prior year, the business earned $5.86 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is 37.61%.

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.