Fulton Bank N.A. Sells 560 Shares of Cummins Inc. $CMI

Fulton Bank N.A. trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 6.8% during the second quarter, Holdings Channel.com reports. The firm owned 7,720 shares of the company’s stock after selling 560 shares during the period. Fulton Bank N.A.’s holdings in Cummins were worth $2,528,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the period. Vident Advisory LLC lifted its position in Cummins by 1.5% during the 4th quarter. Vident Advisory LLC now owns 6,978 shares of the company’s stock valued at $2,433,000 after purchasing an additional 101 shares during the period. Woodline Partners LP bought a new position in shares of Cummins in the 4th quarter valued at about $2,872,000. Waverly Advisors LLC grew its position in shares of Cummins by 13.8% during the 4th quarter. Waverly Advisors LLC now owns 5,347 shares of the company’s stock worth $1,864,000 after buying an additional 648 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Cummins by 6.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock worth $566,856,000 after buying an additional 99,009 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 6,500 shares of the firm’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total value of $2,632,500.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $12,790,710. This trade represents a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,119 shares of company stock valued at $14,159,885 over the last 90 days. Insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CMI. Barclays increased their target price on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Citigroup boosted their price target on shares of Cummins from $380.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $389.29.

Cummins Trading Down 0.9%

Shares of Cummins stock opened at $411.56 on Thursday. The firm’s 50 day moving average is $383.16 and its 200 day moving average is $338.45. The firm has a market capitalization of $56.71 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 2.01 and a beta of 1.02. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $420.75. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $5.26 earnings per share. Equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is 37.61%.

Cummins Company 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.