Fulton Bank N.A. Cuts Holdings in Cummins Inc. (NYSE:CMI)

Fulton Bank N.A. reduced its position in Cummins Inc. (NYSE:CMI) by 9.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,418 shares of the company’s stock after selling 1,011 shares during the period. Fulton Bank N.A.’s holdings in Cummins were worth $3,283,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bangor Savings Bank boosted its position in shares of Cummins by 24.6% during the 4th quarter. Bangor Savings Bank now owns 177 shares of the company’s stock valued at $62,000 after acquiring an additional 35 shares during the last quarter. Canandaigua National Bank & Trust Co. lifted its position in Cummins by 9.4% during the fourth quarter. Canandaigua National Bank & Trust Co. now owns 6,422 shares of the company’s stock valued at $2,239,000 after purchasing an additional 551 shares during the last quarter. Pensionfund Sabic lifted its position in Cummins by 27.0% during the fourth quarter. Pensionfund Sabic now owns 4,700 shares of the company’s stock valued at $1,638,000 after purchasing an additional 1,000 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Cummins by 31.1% in the 4th quarter. GAMMA Investing LLC now owns 3,109 shares of the company’s stock worth $1,084,000 after buying an additional 737 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Cummins by 53.1% in the 4th quarter. Versant Capital Management Inc now owns 476 shares of the company’s stock worth $166,000 after buying an additional 165 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of the business’s 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 transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Truist Financial increased their price target on Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a report on Thursday, December 19th. The Goldman Sachs Group lifted their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $356.92.

Cummins Stock Down 0.4 %

NYSE:CMI traded down $1.34 during trading hours on Wednesday, reaching $358.64. The company’s stock had a trading volume of 145,140 shares, compared to its average volume of 489,290. The stock has a 50 day moving average price of $360.21 and a two-hundred day moving average price of $323.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company has a market capitalization of $49.20 billion, a P/E ratio of 23.69, a price-to-earnings-growth ratio of 1.80 and a beta of 1.01. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the company posted $4.73 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts predict 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 was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

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.