M&T Bank Corp Cuts Position in Cummins Inc. (NYSE:CMI)

M&T Bank Corp lessened its holdings in Cummins Inc. (NYSE:CMI – Get Rating) by 1.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,702 shares of the company’s stock after selling 923 shares during the period. M&T Bank Corp’s holdings in Cummins were worth $12,558,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. West Financial Advisors LLC purchased a new position in shares of Cummins in the 3rd quarter worth approximately $26,000. Stonebridge Capital Advisors LLC lifted its stake in Cummins by 64.0% in the third quarter. Stonebridge Capital Advisors LLC now owns 164 shares of the company’s stock valued at $33,000 after purchasing an additional 64 shares during the last quarter. Ten Capital Wealth Advisors LLC purchased a new position in Cummins in the third quarter valued at approximately $35,000. CNB Bank lifted its stake in Cummins by 65.2% in the second quarter. CNB Bank now owns 190 shares of the company’s stock valued at $37,000 after purchasing an additional 75 shares during the last quarter. Finally, Castle Wealth Management LLC lifted its stake in Cummins by 125.0% in the third quarter. Castle Wealth Management LLC now owns 180 shares of the company’s stock valued at $37,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 80.94% of the company’s stock.

Cummins Trading Down 3.1 %

Cummins stock opened at $230.49 on Thursday. The stock has a market cap of $32.59 billion, a P/E ratio of 15.25, a PEG ratio of 1.40 and a beta of 1.01. Cummins Inc. has a fifty-two week low of $184.27 and a fifty-two week high of $261.91. The firm’s fifty day moving average price is $248.06 and its 200-day moving average price is $237.07. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.77 and a current ratio of 1.27.

Cummins (NYSE:CMI – Get Rating) last released its quarterly earnings results on Monday, February 6th. The company reported $4.52 earnings per share for the quarter, hitting the consensus estimate of $4.52. The firm had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Cummins had a net margin of 7.66% and a return on equity of 24.58%. The business’s quarterly revenue was up 32.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.85 earnings per share. Equities research analysts forecast that Cummins Inc. will post 18.95 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 9th. Investors of record on Friday, February 24th were paid a $1.57 dividend. The ex-dividend date of this dividend was Thursday, February 23rd. This represents a $6.28 dividend on an annualized basis and a yield of 2.72%. Cummins’s dividend payout ratio is presently 41.56%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 5,929 shares of the stock in a transaction on Friday, February 17th. The stock was sold at an average price of $257.13, for a total value of $1,524,523.77. Following the transaction, the vice president now owns 16,144 shares of the company’s stock, valued at $4,151,106.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Cummins news, VP Walter J. Fier sold 3,307 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $252.99, for a total transaction of $836,637.93. Following the completion of the sale, the vice president now directly owns 8,090 shares in the company, valued at $2,046,689.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 5,929 shares of the company’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $257.13, for a total transaction of $1,524,523.77. Following the sale, the vice president now owns 16,144 shares of the company’s stock, valued at $4,151,106.72. The disclosure for this sale can be found here. Insiders have sold a total of 16,709 shares of company stock valued at $4,245,545 over the last 90 days. 1.05% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. UBS Group upped their price objective on Cummins from $247.00 to $260.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. Morgan Stanley lowered their target price on shares of Cummins from $264.00 to $262.00 and set an “equal weight” rating on the stock in a report on Friday, January 20th. Credit Suisse Group boosted their target price on shares of Cummins from $287.00 to $291.00 and gave the company an “outperform” rating in a report on Tuesday, February 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Cummins from $235.00 to $231.00 and set a “hold” rating on the stock in a report on Tuesday, February 7th. Finally, StockNews.com started coverage on shares of Cummins in a report on Thursday. They set a “buy” rating on the stock. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $254.75.

About Cummins

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Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.