Sandy Spring Bank Cuts Holdings in Cummins Inc. (CMI)
Sandy Spring Bank cut its stake in Cummins Inc. (NYSE:CMI) by 48.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,505 shares of the company’s stock after selling 1,440 shares during the quarter. Sandy Spring Bank’s holdings in Cummins were worth $238,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Plimoth Trust Co. LLC increased its position in shares of Cummins by 0.9% during the fourth quarter. Plimoth Trust Co. LLC now owns 7,639 shares of the company’s stock worth $1,021,000 after acquiring an additional 70 shares during the last quarter. Wetherby Asset Management Inc. grew its stake in Cummins by 1.7% in the fourth quarter. Wetherby Asset Management Inc. now owns 4,578 shares of the company’s stock worth $612,000 after purchasing an additional 75 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in Cummins by 1.5% in the fourth quarter. Stratos Wealth Partners LTD. now owns 5,086 shares of the company’s stock worth $680,000 after purchasing an additional 75 shares in the last quarter. Unison Advisors LLC grew its stake in Cummins by 0.7% in the first quarter. Unison Advisors LLC now owns 10,645 shares of the company’s stock worth $1,681,000 after purchasing an additional 75 shares in the last quarter. Finally, Whitener Capital Management Inc. grew its stake in Cummins by 2.8% in the first quarter. Whitener Capital Management Inc. now owns 2,800 shares of the company’s stock worth $442,000 after purchasing an additional 75 shares in the last quarter. 81.36% of the stock is currently owned by institutional investors.
Shares of CMI stock opened at $162.15 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.57 and a quick ratio of 0.96. Cummins Inc. has a 52 week low of $124.40 and a 52 week high of $169.45. The company has a market capitalization of $25.02 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 1.18 and a beta of 1.10.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Friday, May 24th will be paid a $1.14 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $4.56 dividend on an annualized basis and a yield of 2.81%. Cummins’s payout ratio is currently 34.47%.
In other Cummins news, insider Srikanth Padmanabhan sold 1,687 shares of Cummins stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $160.00, for a total value of $269,920.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.95% of the company’s stock.
A number of equities analysts recently commented on CMI shares. Credit Suisse Group reiterated a “buy” rating and issued a $168.00 price target on shares of Cummins in a research note on Tuesday, January 22nd. Robert W. Baird upgraded Cummins from a “neutral” rating to an “outperform” rating and set a $148.40 price target for the company in a research note on Thursday, February 7th. Zacks Investment Research downgraded Cummins from a “hold” rating to a “sell” rating in a research note on Wednesday, January 16th. CIBC reiterated a “market perform” rating on shares of Cummins in a research note on Thursday, February 7th. Finally, UBS Group lifted their price target on Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $165.61.
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Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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