M&T Bank Corp Sells 250 Shares of Cummins Inc. (NYSE:CMI)

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

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cultivar Capital Inc. bought a new position in shares of Cummins during the second quarter valued at approximately $28,000. Prospera Private Wealth LLC purchased a new stake in Cummins during the third quarter valued at approximately $32,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the second quarter valued at approximately $28,000. Kathleen S. Wright Associates Inc. purchased a new stake in Cummins during the third quarter valued at approximately $34,000. Finally, Gradient Investments LLC lifted its position in Cummins by 290.0% during the second quarter. Gradient Investments LLC now owns 156 shares of the company’s stock valued at $43,000 after acquiring an additional 116 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 6,489 shares of company stock valued at $2,357,531. Corporate insiders own 0.56% of the company’s stock.

Cummins Trading Down 1.4 %

NYSE CMI opened at $377.87 on Wednesday. The company has a market capitalization of $51.84 billion, a PE ratio of 24.96, a P/E/G ratio of 1.84 and a beta of 0.99. The company has a fifty day moving average of $349.67 and a 200 day moving average of $311.38. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

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

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders 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 dividend on an annualized basis and a yield of 1.93%. Cummins’s payout ratio is 48.08%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CMI. Citigroup increased their target price on shares of Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research report on Monday. Robert W. Baird increased their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial increased their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $352.85.

About Cummins

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.