Hancock Whitney Corp Lowers Stake in Cummins Inc. (NYSE:CMI)

Hancock Whitney Corp reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 19.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 5,568 shares of the company’s stock after selling 1,379 shares during the period. Hancock Whitney Corp’s holdings in Cummins were worth $1,641,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sequoia Financial Advisors LLC grew its position in Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after purchasing an additional 3,866 shares during the last quarter. Beacon Financial Group boosted its holdings in shares of Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after acquiring an additional 126 shares in the last quarter. KBC Group NV boosted its holdings in shares of Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after acquiring an additional 57,341 shares in the last quarter. Capital Advisors Inc. OK purchased a new stake in shares of Cummins in the fourth quarter valued at about $24,915,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after acquiring an additional 21,850 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Truist Financial lowered their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. Robert W. Baird lowered their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. The Goldman Sachs Group lifted their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Finally, TD Cowen boosted their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $287.18.

Cummins Price Performance

CMI traded up $11.86 during midday trading on Thursday, reaching $303.66. 1,136,718 shares of the company’s stock were exchanged, compared to its average volume of 1,889,369. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The stock has a market capitalization of $41.53 billion, a PE ratio of 22.23, a P/E/G ratio of 1.82 and a beta of 0.99. The business’s 50-day moving average price is $279.53 and its 200 day moving average price is $275.79. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. As a group, equities analysts anticipate that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.40%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is presently 49.19%.

Insiders Place Their Bets

In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cummins news, VP Marvin Boakye acquired 1,745 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was bought at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Company 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.