Adirondack Trust Co. Has $213,000 Position in Cummins Inc. (NYSE:CMI)

Adirondack Trust Co. lowered its holdings in Cummins Inc. (NYSE:CMI) by 14.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 658 shares of the company’s stock after selling 112 shares during the quarter. Adirondack Trust Co.’s holdings in Cummins were worth $213,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Cultivar Capital Inc. bought a new stake in shares of Cummins in the 2nd quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins during the second quarter worth $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the second quarter valued at $29,000. LRI Investments LLC acquired a new stake in shares of Cummins in the 1st quarter valued at $31,000. Finally, Bangor Savings Bank grew its holdings in shares of Cummins by 39.2% in the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 1.0 %

CMI opened at $332.84 on Thursday. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $334.99. The company has a market cap of $45.53 billion, a price-to-earnings ratio of 24.37, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm has a 50 day simple moving average of $306.06 and a 200 day simple moving average of $292.54.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the prior year, the business posted $5.18 EPS. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current year.

Analyst Ratings Changes

CMI has been the subject of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Barclays raised their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Citigroup boosted their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday. Robert W. Baird raised their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Raymond James initiated coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $306.55.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

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.