Cummins Inc. (CMI) Shares Bought by Fulton Bank N.A.
Fulton Bank N.A. lifted its holdings in Cummins Inc. (NYSE:CMI) by 35.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,845 shares of the company’s stock after acquiring an additional 2,322 shares during the period. Fulton Bank N.A.’s holdings in Cummins were worth $1,486,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the company. Johanson Financial Advisors Inc. raised its position in shares of Cummins by 0.4% in the 2nd quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock worth $303,000 after acquiring an additional 7 shares in the last quarter. Good Life Advisors LLC raised its position in shares of Cummins by 0.6% in the 2nd quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock worth $243,000 after acquiring an additional 9 shares in the last quarter. Northwest Quadrant Wealth Management LLC raised its position in shares of Cummins by 0.5% in the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 2,251 shares of the company’s stock worth $360,000 after acquiring an additional 11 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Cummins by 1.1% in the 2nd quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock worth $187,000 after acquiring an additional 12 shares in the last quarter. Finally, Texas Yale Capital Corp. raised its position in shares of Cummins by 1.3% in the 2nd quarter. Texas Yale Capital Corp. now owns 2,016 shares of the company’s stock worth $327,000 after acquiring an additional 25 shares in the last quarter. 80.31% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Jill E. Cook sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $165.86, for a total transaction of $1,161,020.00. Following the completion of the sale, the insider now owns 9,671 shares of the company’s stock, valued at $1,604,032.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the sale, the director now directly owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The disclosure for this sale can be found here. Insiders have sold 17,633 shares of company stock valued at $2,942,108 in the last ninety days. Insiders own 0.62% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded down 0.01% during mid-day trading on Wednesday, reaching $174.70. The company’s stock had a trading volume of 277,018 shares. Cummins Inc. has a 12 month low of $121.22 and a 12 month high of $175.03. The company has a market cap of $29.17 billion, a P/E ratio of 19.75 and a beta of 1.13. The company has a 50-day moving average of $166.16 and a 200-day moving average of $159.36.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by ($0.05). Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the business posted $2.40 EPS. Cummins’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s dividend payout ratio is 48.76%.
Several research analysts have recently weighed in on CMI shares. Buckingham Research started coverage on Cummins in a research report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price objective for the company. Piper Jaffray Companies reissued a “hold” rating and issued a $159.00 price objective on shares of Cummins in a research report on Thursday, August 3rd. Deutsche Bank AG lowered their price objective on Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research report on Wednesday, August 2nd. Stifel Nicolaus lifted their price objective on Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $165.00 price objective (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $164.91.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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