Stock Yards Bank & Trust Co. Boosts Holdings in Cummins Inc. $CMI

Stock Yards Bank & Trust Co. raised its holdings in Cummins Inc. (NYSE:CMI) by 8.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,893 shares of the company’s stock after purchasing an additional 439 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Cummins were worth $1,930,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new stake in Cummins in the first quarter valued at $2,749,000. Alpha Cubed Investments LLC purchased a new stake in Cummins in the first quarter valued at $440,000. Assenagon Asset Management S.A. boosted its holdings in Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after purchasing an additional 1,114 shares during the last quarter. Invesco Ltd. boosted its holdings in Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after purchasing an additional 126,362 shares during the last quarter. Finally, Artemis Investment Management LLP boosted its holdings in Cummins by 19.1% in the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock valued at $2,428,000 after purchasing an additional 1,241 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,119 shares of company stock worth $14,159,885 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Up 0.1%

CMI opened at $432.87 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $437.66. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $400.74 and a 200 day moving average price of $345.95. The company has a market cap of $59.65 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 2.09 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.26 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is currently 37.61%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Barclays upped their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $393.57.

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.