Central Pacific Bank Trust Division Increases Stock Position in Cummins Inc. (NYSE:CMI)

Central Pacific Bank Trust Division boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 5.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 934 shares of the company’s stock after buying an additional 47 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Cummins were worth $302,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Atlantic Edge Private Wealth Management LLC grew its position in Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after buying an additional 35 shares during the last quarter. EP Wealth Advisors LLC boosted its position in shares of Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares in the last quarter. Fidelis Capital Partners LLC boosted its position in shares of Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after purchasing an additional 38 shares in the last quarter. Greenleaf Trust boosted its position in shares of Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after purchasing an additional 40 shares in the last quarter. Finally, Bangor Savings Bank boosted its position in shares of Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale 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 the company’s stock in a transaction that occurred on 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 owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on CMI. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Barclays boosted their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, Citigroup assumed coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $299.55.

Cummins Stock Performance

Shares of NYSE CMI opened at $327.36 on Friday. The company has a 50-day simple moving average of $303.61 and a 200-day simple moving average of $291.55. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a market cap of $44.78 billion, a PE ratio of 23.96, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $333.43.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $5.18 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were paid a $1.82 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.22%. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

Cummins Profile

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.