First Interstate Bank Acquires Shares of 1,200 Cummins Inc. (NYSE:CMI)

First Interstate Bank bought a new position in shares of Cummins Inc. (NYSE:CMI) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,200 shares of the company’s stock, valued at approximately $389,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CMI. PFG Investments LLC boosted its holdings in shares of Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC lifted its position in shares of Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC increased its holdings in shares of Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after acquiring an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Cummins during the second quarter worth $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after acquiring an additional 21,850 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. Citigroup lifted their price objective on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI increased their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Barclays raised their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Truist Financial upped their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $311.55.

Cummins Price Performance

Shares of CMI stock traded down $0.47 during trading hours on Friday, reaching $328.51. The company’s stock had a trading volume of 387,603 shares, compared to its average volume of 1,514,713. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $340.82. The company has a market capitalization of $45.02 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 1.90 and a beta of 0.98. The firm’s 50 day simple moving average is $318.94 and its 200-day simple moving average is $297.09.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the company earned $5.18 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 19.96 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 52.49%.

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.