M&T Bank Corp Buys 19,483 Shares of Cummins Inc. $CMI

M&T Bank Corp raised its stake in Cummins Inc. (NYSE:CMI) by 50.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,828 shares of the company’s stock after purchasing an additional 19,483 shares during the quarter. M&T Bank Corp’s holdings in Cummins were worth $29,518,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Frank Rimerman Advisors LLC grew its stake in Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after purchasing an additional 18 shares in the last quarter. Financial Consulate Inc. grew its stake in Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after purchasing an additional 18 shares in the last quarter. Gilbert & Cook Inc. grew its stake in Cummins by 1.0% in the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock valued at $947,000 after purchasing an additional 19 shares in the last quarter. Sound View Wealth Advisors Group LLC boosted its stake in shares of Cummins by 2.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock worth $501,000 after acquiring an additional 20 shares during the period. Finally, Red Door Wealth Management LLC boosted its stake in shares of Cummins by 2.3% during the 4th quarter. Red Door Wealth Management LLC now owns 878 shares of the company’s stock worth $448,000 after acquiring an additional 20 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on CMI shares. Citigroup lifted their target price on Cummins from $630.00 to $710.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. JPMorgan Chase & Co. lifted their target price on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a research note on Friday, April 10th. Finally, Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $600.27.

Insiders Place Their Bets

In related news, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares in the company, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This trade represents a 27.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 31,195 shares of company stock worth $18,397,489 over the last three months. 0.30% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

CMI opened at $639.49 on Thursday. The business has a fifty day simple moving average of $573.84 and a 200 day simple moving average of $527.35. The company has a market capitalization of $88.36 billion, a PE ratio of 31.16, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14. Cummins Inc. has a 1 year low of $282.77 and a 1 year high of $650.37. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $5.16 EPS. Research analysts expect that Cummins Inc. will post 26.03 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.3%. Cummins’s payout ratio is 38.99%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.