Sanibel Captiva Trust Company Inc. Purchases 1,255 Shares of Cummins Inc. (NYSE:CMI)

Sanibel Captiva Trust Company Inc. increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 62,674 shares of the company’s stock after purchasing an additional 1,255 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Cummins were worth $19,645,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. BankPlus Trust Department acquired a new stake in shares of Cummins in the fourth quarter valued at about $26,000. Meeder Asset Management Inc. grew its stake in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC acquired a new position in shares of Cummins during the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. bought a new stake in shares of Cummins during the 4th quarter worth approximately $30,000. Finally, Capital A Wealth Management LLC acquired a new position in Cummins during the fourth quarter worth $32,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CMI. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and dropped their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Morgan Stanley lifted their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $357.25.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.41% of the stock is currently owned by insiders.

Cummins Stock Performance

NYSE CMI opened at $325.92 on Tuesday. The company’s 50 day moving average is $304.43 and its 200-day moving average is $337.84. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The firm has a market cap of $44.90 billion, a P/E ratio of 11.57, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same period in the previous year, the business earned $5.08 earnings per share. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. Cummins’s payout ratio is currently 36.22%.

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.