2,464 Shares in Cummins Inc. $CMI Purchased by Corsicana & Co.

Corsicana & Co. acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 2,464 shares of the company’s stock, valued at approximately $1,041,000.

Other institutional investors have also bought and sold shares of the company. Osterweis Capital Management Inc. acquired a new stake in shares of Cummins in the second quarter valued at approximately $31,000. Wealth Preservation Advisors LLC purchased a new stake in Cummins in the 1st quarter valued at $41,000. CNB Bank purchased a new stake in Cummins in the 2nd quarter valued at $43,000. Flaharty Asset Management LLC acquired a new stake in shares of Cummins in the 1st quarter worth $47,000. Finally, State of Wyoming purchased a new position in shares of Cummins during the 1st quarter worth $50,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 27,330 shares of company stock valued at $12,649,764. 0.41% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent analyst reports. Citigroup raised their price objective on shares of Cummins from $530.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Argus raised their price target on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Truist Financial upped their price objective on Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a report on Thursday. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Finally, Wells Fargo & Company began coverage on Cummins in a research report on Thursday, November 13th. They issued an “overweight” rating and a $599.00 target price on the stock. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $486.60.

Cummins Trading Up 1.3%

CMI opened at $507.14 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $526.50. The business has a fifty day simple moving average of $467.22 and a 200-day simple moving average of $406.87. The firm has a market cap of $70.01 billion, a P/E ratio of 26.32, a P/E/G ratio of 2.00 and a beta of 1.11. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the previous year, the business earned $5.86 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, November 21st. Cummins’s dividend payout ratio is currently 41.52%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.