Fulton Bank N.A. Sells 996 Shares of Cummins Inc. (NYSE:CMI)

Fulton Bank N.A. lowered its position in Cummins Inc. (NYSE:CMI) by 11.7% during the 1st quarter, HoldingsChannel reports. The firm owned 7,503 shares of the company’s stock after selling 996 shares during the period. Fulton Bank N.A.’s holdings in Cummins were worth $1,944,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CMI. Equitable Holdings Inc. increased its stake in Cummins by 3.7% in the fourth quarter. Equitable Holdings Inc. now owns 1,265 shares of the company’s stock valued at $287,000 after acquiring an additional 45 shares during the last quarter. Absher Wealth Management LLC increased its stake in Cummins by 0.7% in the fourth quarter. Absher Wealth Management LLC now owns 6,625 shares of the company’s stock valued at $1,504,000 after acquiring an additional 48 shares during the last quarter. BLB&B Advisors LLC increased its stake in Cummins by 3.8% in the fourth quarter. BLB&B Advisors LLC now owns 1,373 shares of the company’s stock valued at $312,000 after acquiring an additional 50 shares during the last quarter. Woodley Farra Manion Portfolio Management Inc. increased its stake in Cummins by 4.5% in the fourth quarter. Woodley Farra Manion Portfolio Management Inc. now owns 1,149 shares of the company’s stock valued at $261,000 after acquiring an additional 50 shares during the last quarter. Finally, Parsons Capital Management Inc. RI increased its stake in Cummins by 0.3% in the fourth quarter. Parsons Capital Management Inc. RI now owns 18,549 shares of the company’s stock valued at $4,213,000 after acquiring an additional 50 shares during the last quarter. 81.07% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts recently commented on CMI shares. Citigroup increased their target price on Cummins from $265.00 to $315.00 in a research note on Tuesday, March 16th. Credit Suisse Group raised their price objective on Cummins from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, February 5th. Vertical Research started coverage on Cummins in a research note on Wednesday, January 20th. They set a “hold” rating on the stock. Cowen raised their price objective on Cummins from $239.00 to $243.00 and gave the company a “market perform” rating in a research note on Tuesday, February 9th. Finally, Morgan Stanley reduced their price objective on Cummins from $258.00 to $238.00 and set an “equal weight” rating on the stock in a research note on Monday, March 8th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $233.81.

CMI stock opened at $257.57 on Thursday. The firm has a 50 day moving average price of $260.42 and a 200-day moving average price of $235.68. Cummins Inc. has a 52-week low of $140.93 and a 52-week high of $277.09. The firm has a market capitalization of $37.75 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 1.94 and a beta of 1.09. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.33 and a current ratio of 1.94.

Cummins (NYSE:CMI) last released its earnings results on Wednesday, February 3rd. The company reported $3.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.74 by $0.62. Cummins had a net margin of 8.12% and a return on equity of 20.30%. The firm had revenue of $5.83 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period last year, the business earned $2.56 earnings per share. The business’s revenue was up 4.5% on a year-over-year basis. As a group, sell-side analysts forecast that Cummins Inc. will post 11.41 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 4th. Investors of record on Friday, February 19th were issued a $1.35 dividend. The ex-dividend date of this dividend was Thursday, February 18th. This represents a $5.40 dividend on an annualized basis and a yield of 2.10%. Cummins’s payout ratio is currently 35.88%.

In related news, VP Thaddeus B. Ewald sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, February 9th. The shares were sold at an average price of $244.27, for a total value of $158,775.50. Following the completion of the transaction, the vice president now directly owns 9,656 shares in the company, valued at approximately $2,358,671.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Norman Thomas Linebarger sold 8,389 shares of the business’s stock in a transaction that occurred on Wednesday, February 10th. The stock was sold at an average price of $245.10, for a total transaction of $2,056,143.90. Following the completion of the transaction, the chief executive officer now owns 99,927 shares of the company’s stock, valued at $24,492,107.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,498 shares of company stock valued at $2,816,552. 1.04% of the stock is owned by company insiders.

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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