Cummins Inc. (NYSE:CMI) Shares Acquired by Fulton Bank N.A.

Fulton Bank N.A. grew its stake in Cummins Inc. (NYSE:CMI) by 6.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,652 shares of the company’s stock after purchasing an additional 719 shares during the period. Fulton Bank N.A.’s holdings in Cummins were worth $3,433,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. First United Bank & Trust acquired a new position in shares of Cummins in the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $26,000. Silver Oak Securities Incorporated purchased a new stake in shares of Cummins in the third quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $31,000. Finally, Quarry LP boosted its stake in shares of Cummins by 258.5% in the fourth quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after buying an additional 106 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction on Friday, May 24th. The stock was bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Marvin Boakye purchased 1,745 shares of the company’s stock in a transaction on Monday, May 20th. The stock was bought at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by insiders.

Cummins Price Performance

Shares of NYSE CMI traded up $4.43 during trading on Thursday, reaching $278.22. The company had a trading volume of 2,121,197 shares, compared to its average volume of 2,128,105. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The stock has a market capitalization of $38.05 billion, a PE ratio of 20.37, a price-to-earnings-growth ratio of 1.71 and a beta of 1.02. The stock has a 50-day moving average price of $283.83 and a two-hundred day moving average price of $266.62. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. As a group, sell-side analysts predict that Cummins Inc. will post 18.84 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.42%. Cummins’s dividend payout ratio is presently 49.19%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Truist Financial restated a “hold” rating and issued a $319.00 price target on shares of Cummins in a research note on Wednesday, May 15th. TD Cowen boosted their target price on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. JPMorgan Chase & Co. boosted their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Robert W. Baird decreased their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Finally, The Goldman Sachs Group boosted their target price on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $284.36.

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.