First Financial Bank Trust Division Sells 34 Shares of Cummins Inc. (NYSE:CMI)

First Financial Bank Trust Division decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 2.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,534 shares of the company’s stock after selling 34 shares during the period. First Financial Bank Trust Division’s holdings in Cummins were worth $535,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Old Port Advisors bought a new stake in shares of Cummins in the 4th quarter worth $215,000. Lord Abbett & CO. LLC increased its stake in Cummins by 24.6% in the 3rd quarter. Lord Abbett & CO. LLC now owns 338,961 shares of the company’s stock valued at $109,752,000 after buying an additional 66,885 shares during the last quarter. 1ST Source Bank lifted its position in shares of Cummins by 5.3% during the 3rd quarter. 1ST Source Bank now owns 1,844 shares of the company’s stock worth $597,000 after buying an additional 93 shares in the last quarter. Bush Investment Group LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $204,000. Finally, Old North State Trust LLC purchased a new position in shares of Cummins in the 3rd quarter worth approximately $232,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CMI shares. The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $356.92.

Cummins Stock Performance

CMI stock traded down $0.95 during midday trading on Thursday, reaching $347.65. 521,947 shares of the company’s stock traded hands, compared to its average volume of 1,377,560. The firm has a market capitalization of $47.69 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. The company has a 50-day moving average price of $358.36 and a two-hundred day moving average price of $320.85. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $4.73 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date was Friday, November 22nd. Cummins’s payout ratio is 48.08%.

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.