M&T Bank Corp Lowers Holdings in Cummins Inc. (NYSE:CMI)

M&T Bank Corp decreased its position in Cummins Inc. (NYSE:CMI) by 8.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 45,933 shares of the company’s stock after selling 4,278 shares during the period. 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 large investors also recently bought and sold shares of the business. Balentine LLC increased its position in shares of Cummins by 3.3% during the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after purchasing an additional 127 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Cummins by 200.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after acquiring an additional 3,866 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC acquired a new position in shares of Cummins during the third quarter valued at about $9,048,000. Capital Advisors Inc. OK purchased a new position in shares of Cummins in the 4th quarter valued at approximately $24,915,000. Finally, SG Americas Securities LLC boosted its stake in Cummins by 227.6% in the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after purchasing an additional 16,869 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CMI. Evercore ISI lifted their price objective on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the stock 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 objective on the stock. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $243.00 to $225.00 in a report on Friday, January 19th. Finally, StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $282.55.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock worth $13,576,838 in the last three months. 0.56% of the stock is owned by company insiders.

Cummins Stock Performance

NYSE CMI opened at $280.74 on Monday. The stock has a market cap of $38.40 billion, a PE ratio of 20.55, a P/E/G ratio of 1.90 and a beta of 1.04. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The stock has a fifty day simple moving average of $285.39 and a 200-day simple moving average of $252.92. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the company posted $4.52 earnings per share. The business’s revenue was up 9.9% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 18.45 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors 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 annualized dividend and a dividend yield of 2.39%. Cummins’s dividend payout ratio is presently 49.19%.

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.