Penobscot Investment Management Company Inc. Has $1.64 Million Position in Cummins Inc. (NYSE:CMI)

Penobscot Investment Management Company Inc. lifted its position in Cummins Inc. (NYSE:CMI) by 17.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 6,840 shares of the company’s stock after acquiring an additional 1,030 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Cummins were worth $1,639,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. OFI Invest Asset Management bought a new position in Cummins during the third quarter valued at about $25,000. Silver Oak Securities Incorporated bought a new position in Cummins during the third quarter valued at about $28,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Cummins during the third quarter valued at about $39,000. Peoples Bank KS bought a new position in Cummins during the third quarter valued at about $43,000. Finally, Planned Solutions Inc. bought a new position in Cummins during the fourth quarter valued at about $47,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of several research reports. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Morgan Stanley began coverage on shares of Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 target price for the company. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday. Truist Financial began coverage on shares of Cummins in a research report on Thursday, March 14th. They set a “hold” rating and a $303.00 target price for the company. Finally, TD Cowen increased their target price on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $279.70.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 over the last three months. 0.56% of the stock is owned by corporate insiders.

Cummins Trading Down 3.7 %

Shares of Cummins stock opened at $282.66 on Wednesday. Cummins Inc. has a 12-month low of $203.18 and a 12-month high of $304.24. The company has a market cap of $38.66 billion, a price-to-earnings ratio of 54.57, a PEG ratio of 2.00 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $284.29 and its 200-day moving average price is $251.77.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company posted $4.52 earnings per share. On average, equities analysts expect that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

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.