Cummins Inc. (NYSE:CMI) Shares Bought by Bangor Savings Bank

Bangor Savings Bank increased its holdings in Cummins Inc. (NYSE:CMI) by 24.6% during the 4th quarter, HoldingsChannel reports. The fund owned 177 shares of the company’s stock after acquiring an additional 35 shares during the quarter. Bangor Savings Bank’s holdings in Cummins were worth $62,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. PFG Investments LLC raised its position in shares of Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares in the last quarter. CWM LLC raised its holdings in Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after acquiring an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC boosted its stake in Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after acquiring an additional 59,027 shares during the last quarter. Alpha DNA Investment Management LLC bought a new stake in shares of Cummins in the 3rd quarter worth about $748,000. Finally, Franklin Resources Inc. raised its stake in shares of Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

Cummins Price Performance

NYSE CMI opened at $360.01 on Wednesday. The company has a 50-day moving average price of $360.21 and a two-hundred day moving average price of $323.44. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $387.90. The stock has a market cap of $49.39 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 1.80 and a beta of 1.01. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the company posted $4.73 EPS. Analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date was Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CMI shares. The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup boosted their target price on shares of Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $356.92.

Cummins 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.