MidFirst Bank Acquires New Shares in Cummins Inc. $CMI

MidFirst Bank bought a new position in Cummins Inc. (NYSE:CMI) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 2,119 shares of the company’s stock, valued at approximately $1,082,000.

A number of other hedge funds have also recently made changes to their positions in CMI. Brighton Jones LLC boosted its position in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC increased its position in Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after acquiring an additional 1,146 shares during the period. Treasurer of the State of North Carolina raised its stake in shares of Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after acquiring an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC bought a new position in shares of Cummins during the second quarter valued at $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins during the second quarter worth $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 0.1%

Cummins stock opened at $716.50 on Friday. The company has a market capitalization of $98.87 billion, a PE ratio of 37.18, a PEG ratio of 1.75 and a beta of 1.23. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $737.76. The firm’s fifty day moving average is $663.00 and its 200 day moving average is $590.68. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm posted $5.96 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent research reports. Citigroup increased their price objective on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Truist Financial set a $815.00 target price on Cummins in a report on Wednesday, May 6th. JPMorgan Chase & Co. upped their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company lifted their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $731.86.

Insider Buying and Selling at Cummins

In related news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the sale, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,579 shares of company stock worth $9,377,684 in the last quarter. Company insiders own 0.30% of the company’s stock.

Cummins Company 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.