Canandaigua National Trust Co of Florida Sells 265 Shares of Cummins Inc. (NYSE:CMI)

Canandaigua National Trust Co of Florida reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,018 shares of the company’s stock after selling 265 shares during the quarter. Canandaigua National Trust Co of Florida’s holdings in Cummins were worth $703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at about $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new stake in Cummins during the 3rd quarter valued at $55,000. Itau Unibanco Holding S.A. bought a new position in shares of Cummins during the 2nd quarter valued at $67,000. Finally, Kimelman & Baird LLC purchased a new position in shares of Cummins in the 2nd quarter worth $83,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CMI. The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Finally, Truist Financial boosted their price objective on shares of Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $356.92.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 6,489 shares of company stock worth $2,357,531 over the last 90 days. Company insiders own 0.56% of the company’s stock.

Cummins Price Performance

CMI traded up $3.40 during trading on Monday, reaching $357.75. 586,994 shares of the company traded hands, compared to its average volume of 532,050. The company has a market cap of $49.08 billion, a P/E ratio of 23.63, a PEG ratio of 1.80 and a beta of 1.01. The firm has a fifty day simple moving average of $359.17 and a 200 day simple moving average of $322.30. Cummins Inc. has a 12-month low of $226.52 and a 12-month high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the firm earned $4.73 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a $1.82 dividend. The ex-dividend date was Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.03%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

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.