American National Bank & Trust Makes New $527,000 Investment in Cummins Inc. (NYSE:CMI)

American National Bank & Trust purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,681 shares of the company’s stock, valued at approximately $527,000.

A number of other large investors also recently made changes to their positions in CMI. BankPlus Trust Department purchased a new position in shares of Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins during the 4th quarter worth $27,000. Meeder Asset Management Inc. increased its holdings in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares during the last quarter. TCTC Holdings LLC acquired a new stake in shares of Cummins during the 4th quarter worth $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Cummins during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 1.2%

Shares of Cummins stock opened at $320.84 on Monday. The business has a 50-day moving average of $303.91 and a 200-day moving average of $339.59. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $44.20 billion, a PE ratio of 11.39, a P/E/G ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last announced its 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. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue was down 2.7% on a year-over-year basis. During the same period last year, the firm earned $5.08 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.27%. Cummins’s dividend payout ratio is presently 36.22%.

Insider Activity

In other Cummins news, Director John H. Stone bought 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Truist Financial dropped their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Barclays upped their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. upped their price objective on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Finally, Robert W. Baird dropped their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $357.25.

About Cummins

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.