Passumpsic Savings Bank Buys Shares of 6,536 Cummins Inc. $CMI

Passumpsic Savings Bank bought a new stake in Cummins Inc. (NYSE:CMI) in the 4th quarter, Holdings Channel reports. The institutional investor bought 6,536 shares of the company’s stock, valued at approximately $3,336,000. Cummins accounts for about 1.8% of Passumpsic Savings Bank’s holdings, making the stock its 15th largest holding.

Several other large investors have also recently bought and sold shares of CMI. Northwestern Mutual Wealth Management Co. raised its position in Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Boston Partners acquired a new stake in shares of Cummins in the third quarter valued at about $473,471,000. London Co. of Virginia acquired a new stake in shares of Cummins in the third quarter valued at about $231,732,000. Bank of New York Mellon Corp increased its stake in shares of Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after buying an additional 488,430 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock valued at $280,397,000 after buying an additional 278,350 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. UBS Group set a $565.00 price target on Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Wolfe Research cut Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research note on Monday, January 26th. Finally, Truist Financial set a $815.00 price target on Cummins in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $677.87.

Cummins Stock Up 0.3%

Shares of Cummins stock opened at $698.36 on Monday. Cummins Inc. has a one year low of $307.90 and a one year high of $718.08. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The stock’s 50-day moving average is $601.51 and its 200 day moving average is $555.57. The firm has a market cap of $96.37 billion, a price-to-earnings ratio of 36.24, a PEG ratio of 1.76 and a beta of 1.27.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the company earned $5.96 EPS. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 28.39 EPS for the current year.

Cummins Dividend Announcement

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

Insider Activity at Cummins

In related news, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president owned 8,316 shares in the company, valued at $5,912,010.72. This represents a 8.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the sale, the executive vice president owned 11,679 shares in the company, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 22,397 shares of company stock worth $14,465,833 over the last quarter. 0.30% of the stock is owned by company insiders.

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.