Cummins Inc. (NYSE:CMI) Shares Sold by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,810 shares of the company’s stock after selling 40 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Cummins were worth $3,071,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. KG&L Capital Management LLC boosted its stake in shares of Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after buying an additional 28 shares during the last quarter. Signaturefd LLC grew its holdings in Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after acquiring an additional 28 shares during the period. Massachusetts Wealth Management raised its position in Cummins by 0.6% during the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after acquiring an additional 30 shares in the last quarter. Finally, Avestar Capital LLC lifted its holdings in Cummins by 3.2% in the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after acquiring an additional 31 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $330.57 on Wednesday. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. The company has a market cap of $45.45 billion, a P/E ratio of 11.73, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $354.72 and its 200-day moving average price is $348.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the business earned $4.14 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. Cummins’s dividend payout ratio (DPR) is 25.84%.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent research reports. Barclays lifted their target price 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. Truist Financial increased their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. UBS Group lowered their price target on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Finally, Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $389.50.

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.