M&T Bank Corp Has $11 Million Position in Cummins Inc. (NYSE:CMI)

M&T Bank Corp cut its holdings in Cummins Inc. (NYSE:CMI) by 8.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,933 shares of the company’s stock after selling 4,278 shares during the quarter. M&T Bank Corp’s holdings in Cummins were worth $11,004,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CMI. Stratos Wealth Partners LTD. lifted its stake in Cummins by 21.9% in the third quarter. Stratos Wealth Partners LTD. now owns 1,449 shares of the company’s stock valued at $331,000 after acquiring an additional 260 shares during the last quarter. Verdence Capital Advisors LLC raised its position in shares of Cummins by 1.4% in the third quarter. Verdence Capital Advisors LLC now owns 7,562 shares of the company’s stock valued at $1,728,000 after purchasing an additional 106 shares during the period. Castleview Partners LLC lifted its stake in shares of Cummins by 5.0% in the third quarter. Castleview Partners LLC now owns 2,016 shares of the company’s stock worth $461,000 after buying an additional 96 shares during the last quarter. IFM Investors Pty Ltd boosted its holdings in shares of Cummins by 4.6% during the 3rd quarter. IFM Investors Pty Ltd now owns 29,060 shares of the company’s stock worth $6,639,000 after buying an additional 1,284 shares during the period. Finally, NBT Bank N A NY bought a new stake in shares of Cummins during the 3rd quarter worth $263,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Up 0.2 %

Shares of NYSE:CMI opened at $280.74 on Monday. The business’s 50 day simple moving average is $285.39 and its two-hundred day simple moving average is $252.92. The firm has a market cap of $38.40 billion, a P/E ratio of 20.55, a PEG ratio of 1.90 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24.

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 the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.52 EPS. As a group, research analysts forecast that Cummins Inc. will post 18.45 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.39%. Cummins’s dividend payout ratio is presently 49.19%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. UBS Group raised 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 report on Friday, March 15th. Morgan Stanley started coverage on shares of Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target for the company. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $243.00 to $225.00 in a report on Friday, January 19th. Finally, Truist Financial raised their price objective on shares of Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $282.55.

Insider Activity

In other news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 over the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Cummins 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.