FineMark National Bank & Trust Cuts Stock Position in Cummins Inc. (NYSE:CMI)

FineMark National Bank & Trust reduced its position in Cummins Inc. (NYSE:CMI) by 83.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,636 shares of the company’s stock after selling 33,023 shares during the quarter. FineMark National Bank & Trust’s holdings in Cummins were worth $1,590,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. First United Bank & Trust bought a new stake in shares of Cummins in the 4th quarter valued at about $25,000. Private Wealth Management Group LLC bought a new position in Cummins during the 4th quarter valued at approximately $26,000. Silver Oak Securities Incorporated bought a new position in Cummins during the 3rd quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. bought a new position in Cummins during the 4th quarter valued at approximately $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Cummins during the 3rd quarter valued at approximately $39,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The shares were acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Cummins news, Director Daniel William Fisher purchased 562 shares of the stock in a transaction on Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Cummins Trading Up 0.2 %

Shares of NYSE:CMI traded up $0.61 during trading hours on Friday, hitting $284.51. 235,245 shares of the company’s stock traded hands, compared to its average volume of 2,330,311. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24. The business has a fifty day moving average price of $290.96 and a 200-day moving average price of $259.29. The firm has a market capitalization of $38.92 billion, a P/E ratio of 20.78, a price-to-earnings-growth ratio of 1.81 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Equities analysts expect that Cummins Inc. will post 18.6 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Friday, May 24th will be paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is 49.19%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. increased their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Truist Financial reissued a “hold” rating and issued a $319.00 target price on shares of Cummins in a research report on Wednesday, May 15th. Finally, Robert W. Baird decreased their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $284.36.

About Cummins

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.