Hancock Whitney Corp Raises Stock Position in Cummins Inc. (NYSE:CMI)

Hancock Whitney Corp raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 545.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 38,630 shares of the company's stock after buying an additional 32,642 shares during the quarter. Hancock Whitney Corp's holdings in Cummins were worth $12,508,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins in the second quarter valued at $28,000. Lynx Investment Advisory bought a new position in Cummins during the second quarter worth about $29,000. LRI Investments LLC purchased a new position in Cummins in the 1st quarter valued at approximately $31,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Cummins in the third quarter valued at $32,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company's stock.

Cummins Stock Up 0.7 %

Shares of NYSE CMI traded up $2.69 on Monday, reaching $375.32. 736,911 shares of the company's stock traded hands, compared to its average volume of 1,455,483. The business's 50 day simple moving average is $335.78 and its two-hundred day simple moving average is $304.64. Cummins Inc. has a 12 month low of $222.04 and a 12 month high of $377.64. The company has a market cap of $51.49 billion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 1.81 and a beta of 0.97. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.94%. The ex-dividend date is Friday, November 22nd. Cummins's dividend payout ratio (DPR) is 48.08%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Robert W. Baird increased their price target on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and boosted their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Truist Financial lifted their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Finally, Citigroup upped their price target on Cummins from $375.00 to $415.00 and gave the company a "buy" rating in a research report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of "Hold" and an average target price of $337.67.

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.