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

Fulton Bank N.A. decreased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 12.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,280 shares of the company's stock after selling 1,138 shares during the quarter. Fulton Bank N.A.'s holdings in Cummins were worth $2,595,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BankPlus Trust Department acquired a new position in shares of Cummins during the 4th quarter valued at about $26,000. Compass Financial Services Inc purchased a new stake in Cummins in the 4th quarter valued at about $27,000. Meeder Asset Management Inc. raised its holdings in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the period. TCTC Holdings LLC purchased a new stake in Cummins in the 4th quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Cummins in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Trading Down 0.4%

NYSE:CMI traded down $1.41 on Wednesday, reaching $323.06. 533,173 shares of the company's stock were exchanged, compared to its average volume of 801,763. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $44.50 billion, a price-to-earnings ratio of 11.47, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The business has a fifty day moving average of $303.69 and a 200-day moving average of $339.17. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm's revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $5.08 earnings per share. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. Cummins's payout ratio is currently 36.22%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Robert W. Baird reduced their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, Wall Street Zen lowered shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $357.25.

Insider Buying and Selling

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.41% of the company's stock.

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.