Cummins Inc. (NYSE:CMI) Stake Reduced by M&T Bank Corp

M&T Bank Corp trimmed its stake in Cummins Inc. (NYSE:CMI) by 0.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 39,627 shares of the company’s stock after selling 250 shares during the quarter. M&T Bank Corp’s holdings in Cummins were worth $12,831,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp boosted its stake in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the period. Fisher Asset Management LLC boosted its position in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares during the period. Pathway Financial Advisers LLC grew its holdings in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after acquiring an additional 26,977 shares during the period. Finally, Legal & General Group Plc raised its stake in Cummins by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after acquiring an additional 31,190 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. Jefferies Financial Group increased their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Robert W. Baird raised their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Citigroup increased their price objective on shares of Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a report on Monday, December 9th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group increased their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $356.92.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. This represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

Cummins Trading Up 0.5 %

Shares of CMI opened at $351.38 on Friday. The business’s 50-day moving average price is $355.53 and its 200 day moving average price is $316.44. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $48.20 billion, a P/E ratio of 23.21, a P/E/G ratio of 1.80 and a beta of 0.99. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm posted $4.73 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.07%. Cummins’s dividend payout ratio is 48.08%.

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.