Cummins Inc. (NYSE:CMI) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 1.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 39,230 shares of the company’s stock after selling 397 shares during the period. M&T Bank Corp’s holdings in Cummins were worth $13,676,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Stephens Inc. AR grew its position in Cummins by 12.9% during the 3rd quarter. Stephens Inc. AR now owns 1,250 shares of the company’s stock worth $405,000 after purchasing an additional 143 shares during the period. Chicago Partners Investment Group LLC grew its position in Cummins by 17.3% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 1,078 shares of the company’s stock worth $356,000 after purchasing an additional 159 shares during the period. Van ECK Associates Corp grew its position in Cummins by 11.0% during the 3rd quarter. Van ECK Associates Corp now owns 25,158 shares of the company’s stock worth $8,301,000 after purchasing an additional 2,494 shares during the period. National Pension Service grew its position in Cummins by 7.7% during the 3rd quarter. National Pension Service now owns 224,110 shares of the company’s stock worth $72,565,000 after purchasing an additional 16,061 shares during the period. Finally, Asset Management One Co. Ltd. grew its position in Cummins by 1.6% during the 3rd quarter. Asset Management One Co. Ltd. now owns 53,326 shares of the company’s stock worth $17,266,000 after purchasing an additional 814 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 0.1 %

CMI opened at $347.00 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company’s 50 day simple moving average is $362.15 and its two-hundred day simple moving average is $345.63. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90. The firm has a market capitalization of $47.71 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the company posted $4.14 EPS. The business’s revenue was down 1.1% on a year-over-year basis. Analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Analysts Set New Price Targets

CMI has been the topic of several recent analyst reports. Robert W. Baird increased their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Barclays increased their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $386.67.

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.