Synovus Financial Corp Has $10.02 Million Stake in Cummins Inc. $CMI

Synovus Financial Corp increased its stake in shares of Cummins Inc. (NYSE:CMI) by 11.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,710 shares of the company’s stock after purchasing an additional 2,386 shares during the quarter. Synovus Financial Corp’s holdings in Cummins were worth $10,015,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in CMI. Stock Yards Bank & Trust Co. grew its stake in Cummins by 0.4% in the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock valued at $2,499,000 after purchasing an additional 24 shares in the last quarter. Whittier Trust Co. increased its holdings in Cummins by 0.9% in the third quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock worth $1,154,000 after buying an additional 24 shares during the last quarter. Howard Capital Management Inc. raised its position in Cummins by 2.9% during the third quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock valued at $365,000 after acquiring an additional 24 shares in the last quarter. BNP Paribas lifted its stake in Cummins by 1.8% in the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after acquiring an additional 25 shares during the last quarter. Finally, Bridges Investment Management Inc. grew its position in Cummins by 3.2% in the third quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock worth $357,000 after acquiring an additional 26 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CMI. Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Raymond James Financial raised their target price on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a report on Monday, February 9th. Robert W. Baird set a $580.00 price target on Cummins in a research report on Friday, February 6th. JPMorgan Chase & Co. increased their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Argus set a $696.00 target price on Cummins in a report on Tuesday, February 10th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Price Performance

Shares of NYSE:CMI opened at $592.64 on Thursday. The firm has a market capitalization of $81.88 billion, a PE ratio of 28.88, a PEG ratio of 1.88 and a beta of 1.13. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The business’s 50 day moving average is $555.11 and its 200-day moving average is $474.87.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $5.16 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insider Activity

In related news, Director William I. Miller sold 18,107 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.41% of the company’s stock.

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.