Bank of Stockton Purchases 134 Shares of Cummins Inc. (NYSE:CMI)

Bank of Stockton raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,672 shares of the company’s stock after purchasing an additional 134 shares during the quarter. Bank of Stockton’s holdings in Cummins were worth $2,160,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of CMI. Massachusetts Wealth Management increased its position in shares of Cummins by 2.0% during the third quarter. Massachusetts Wealth Management now owns 4,782 shares of the company’s stock worth $1,548,000 after acquiring an additional 95 shares in the last quarter. Hudock Inc. acquired a new position in Cummins during the 3rd quarter valued at about $221,000. Ballentine Partners LLC increased its holdings in Cummins by 19.6% during the 3rd quarter. Ballentine Partners LLC now owns 2,379 shares of the company’s stock worth $770,000 after purchasing an additional 390 shares in the last quarter. Busey Bank raised its stake in shares of Cummins by 0.3% in the third quarter. Busey Bank now owns 73,045 shares of the company’s stock worth $23,651,000 after purchasing an additional 186 shares during the last quarter. Finally, Dakota Wealth Management lifted its holdings in shares of Cummins by 60.4% in the third quarter. Dakota Wealth Management now owns 36,175 shares of the company’s stock valued at $11,713,000 after purchasing an additional 13,625 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock traded up $0.30 during trading on Friday, hitting $332.78. The stock had a trading volume of 31,938 shares, compared to its average volume of 1,536,600. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average is $315.05 and its two-hundred day moving average is $295.57. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $340.82. The stock has a market cap of $45.52 billion, a price-to-earnings ratio of 24.33, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last posted 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 return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the prior year, the company earned $5.18 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, analysts predict that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. Cummins’s payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Citigroup raised their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI boosted their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Robert W. Baird increased their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Barclays boosted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $311.55.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the 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 directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.