Bank of Stockton Sells 1,004 Shares of Cummins Inc. $CMI

Bank of Stockton reduced its stake in Cummins Inc. (NYSE:CMI) by 15.3% during the 1st quarter, Holdings Channel reports. The firm owned 5,559 shares of the company’s stock after selling 1,004 shares during the period. Cummins makes up 0.9% of Bank of Stockton’s holdings, making the stock its 22nd biggest holding. Bank of Stockton’s holdings in Cummins were worth $2,991,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Juno Financial Group LLC acquired a new stake in shares of Cummins in the 4th quarter valued at approximately $883,000. Perbak Capital Partners LLP bought a new stake in Cummins in the third quarter valued at approximately $1,385,000. Truist Financial Corp raised its holdings in Cummins by 4.8% in the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after purchasing an additional 2,951 shares during the period. Nordea Investment Management AB raised its holdings in Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after purchasing an additional 278,350 shares during the period. Finally, California Public Employees Retirement System boosted its position in shares of Cummins by 6.4% during the third quarter. California Public Employees Retirement System now owns 261,522 shares of the company’s stock worth $110,459,000 after purchasing an additional 15,621 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

CMI opened at $659.87 on Wednesday. The company has a market capitalization of $91.06 billion, a price-to-earnings ratio of 34.24, a P/E/G ratio of 1.66 and a beta of 1.22. The business’s 50-day moving average price is $677.96 and its two-hundred day moving average price is $606.51. Cummins Inc. has a 1 year low of $328.02 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.96 EPS. Equities analysts expect that Cummins Inc. will post 29.32 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CMI. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Citigroup lifted their target price on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. boosted their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Robert W. Baird set a $700.00 price target on Cummins in a report on Wednesday, May 6th. Finally, Raymond James Financial lifted their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $738.00.

Insiders Place Their Bets

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

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.