City Holding Co. Boosts Stake in Cummins Inc. (NYSE:CMI)

City Holding Co. boosted its stake in Cummins Inc. (NYSE:CMI) by 0.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 16,880 shares of the company’s stock after purchasing an additional 125 shares during the period. City Holding Co.’s holdings in Cummins were worth $5,465,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Cultivar Capital Inc. purchased a new position in Cummins in the second quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins in the second quarter worth approximately $28,000. Lynx Investment Advisory acquired a new position in Cummins during the 2nd quarter worth approximately $29,000. LRI Investments LLC purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $31,000. Finally, Bangor Savings Bank lifted 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 during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CMI shares. Truist Financial boosted their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Raymond James began coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Barclays raised their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Evercore ISI boosted their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Finally, Citigroup initiated coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. 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 data from MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $299.55.

Insider Activity at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated 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 completion of 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 document filed with the SEC, which can be accessed through this hyperlink. In other Cummins 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 transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on 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 sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Cummins Trading Down 0.7 %

Shares of CMI stock opened at $329.53 on Wednesday. The stock has a market cap of $45.07 billion, a P/E ratio of 24.12, a P/E/G ratio of 1.81 and a beta of 0.98. 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 $333.48. The business has a fifty day simple moving average of $305.25 and a 200-day simple moving average of $292.27.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating 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 firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period last year, the firm posted $5.18 EPS. On average, analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

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.