Hancock Whitney Corp Has $1.66 Million Holdings in Cummins Inc. (NYSE:CMI)

Hancock Whitney Corp boosted its position in shares of Cummins Inc. (NYSE:CMI) by 7.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,988 shares of the company’s stock after acquiring an additional 420 shares during the period. Hancock Whitney Corp’s holdings in Cummins were worth $1,658,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CMI. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Cummins by 244.6% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 6,034 shares of the company’s stock worth $1,671,000 after buying an additional 4,283 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in Cummins by 11.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 31,394 shares of the company’s stock worth $8,694,000 after acquiring an additional 3,200 shares during the period. Ranch Capital Advisors Inc. raised its stake in Cummins by 1.1% during the 2nd quarter. Ranch Capital Advisors Inc. now owns 5,096 shares of the company’s stock valued at $1,411,000 after purchasing an additional 54 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Cummins by 44.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 145,309 shares of the company’s stock valued at $40,240,000 after purchasing an additional 44,762 shares during the period. Finally, Benjamin F. Edwards & Company Inc. grew its position in Cummins by 2.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 28,999 shares of the company’s stock worth $8,031,000 after purchasing an additional 707 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was 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 $23,870,722.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value 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. 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 stock in a transaction that occurred 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 directly owns 77,442 shares in the company, valued at $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Stock Down 0.3 %

Shares of NYSE CMI opened at $308.24 on Monday. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The business has a fifty day moving average of $297.72 and a two-hundred day moving average of $288.45. The stock has a market cap of $42.16 billion, a PE ratio of 22.57, a PEG ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the firm posted $5.18 EPS. As a group, equities research analysts expect that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.36%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial lifted their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, Evercore ISI lifted their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cummins currently has an average rating of “Hold” and an average price target of $299.55.

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.