Cullen Frost Bankers Inc. Lowers Position in Cummins Inc. $CMI

Cullen Frost Bankers Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,067 shares of the company’s stock after selling 1,873 shares during the period. Cullen Frost Bankers Inc.’s holdings in Cummins were worth $28,750,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Stock Yards Bank & Trust Co. raised its stake in shares of Cummins by 0.4% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock valued at $2,499,000 after acquiring an additional 24 shares during the period. Whittier Trust Co. raised its position in Cummins by 0.9% in the third quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock valued at $1,154,000 after purchasing an additional 24 shares during the period. BNP Paribas lifted its stake in Cummins by 1.8% during the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after purchasing an additional 25 shares in the last quarter. Orca Wealth Management LLC boosted its position in shares of Cummins by 0.6% during the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after buying an additional 28 shares during the period. Finally, Bowman & Co S.C. boosted its position in shares of Cummins by 1.0% during the third quarter. Bowman & Co S.C. now owns 2,964 shares of the company’s stock worth $1,259,000 after buying an additional 29 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction dated 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 owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the company’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 directly owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This trade represents a 13.52% 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 19,330 shares of company stock worth $9,135,364 over the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Down 2.0%

Shares of Cummins stock opened at $571.34 on Friday. 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 Inc. has a 52-week low of $260.02 and a 52-week high of $587.55. The company has a market capitalization of $78.87 billion, a P/E ratio of 29.65, a P/E/G ratio of 2.00 and a beta of 1.12. The company has a 50 day moving average of $520.97 and a 200 day moving average of $445.46.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the business earned $5.86 EPS. As a group, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CMI has been the topic of several research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Sanford C. Bernstein reissued a “market perform” rating and set a $475.00 price target on shares of Cummins in a research report on Friday, November 7th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Raymond James Financial raised shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price on the stock in a research note on Monday, December 22nd. Finally, Wells Fargo & Company raised their price target on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $520.79.

Cummins Profile

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.