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

Penobscot Investment Management Company Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Great Valley Advisor Group Inc. boosted its stake in shares of Cummins by 3.2% in the third quarter. Great Valley Advisor Group Inc. now owns 2,839 shares of the company’s stock valued at $920,000 after purchasing an additional 87 shares during the period. Swedbank AB boosted its position in Cummins by 1.5% in the 3rd quarter. Swedbank AB now owns 103,770 shares of the company’s stock valued at $33,600,000 after buying an additional 1,553 shares during the period. Larson Financial Group LLC grew its stake in shares of Cummins by 11.6% in the third quarter. Larson Financial Group LLC now owns 2,723 shares of the company’s stock worth $882,000 after acquiring an additional 282 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Cummins by 2.4% during the third quarter. Daiwa Securities Group Inc. now owns 19,528 shares of the company’s stock worth $6,323,000 after acquiring an additional 453 shares during the period. Finally, Independent Advisor Alliance boosted its holdings in Cummins by 11.9% in the third quarter. Independent Advisor Alliance now owns 3,460 shares of the company’s stock valued at $1,120,000 after purchasing an additional 368 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $330.57 on Wednesday. The stock has a fifty day moving average price of $354.72 and a 200 day moving average price of $348.24. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market cap of $45.45 billion, a PE ratio of 11.73, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter last year, the business earned $4.14 EPS. The business’s revenue was down 1.1% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

Several brokerages have weighed in on CMI. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. reduced their target price on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Robert W. Baird boosted their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Jefferies Financial Group raised their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus target price 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.