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

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

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. TABR Capital Management LLC bought a new position in Cummins during the fourth quarter worth about $625,000. Optas LLC raised its position in shares of Cummins by 9.7% during the fourth quarter. Optas LLC now owns 1,201 shares of the company’s stock worth $613,000 after purchasing an additional 106 shares during the period. SageGuard Financial Group LLC acquired a new stake in shares of Cummins during the fourth quarter worth about $519,000. Legacy Advisors LLC acquired a new stake in shares of Cummins during the fourth quarter worth about $238,000. Finally, Richards Merrill & Peterson Inc. acquired a new stake in shares of Cummins during the fourth quarter worth about $112,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $639.49 on Thursday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $282.77 and a 12-month high of $650.37. 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. The firm’s 50 day moving average is $573.84 and its 200-day moving average is $527.35.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period last year, the company earned $5.16 earnings per share. The firm’s revenue was up 1.1% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 26.03 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. Cummins’s dividend payout ratio (DPR) is 38.99%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CMI shares. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a research report on Monday, January 26th. Wells Fargo & Company raised their price target on Cummins from $630.00 to $693.00 and gave the stock an “overweight” rating in a research report on Monday, April 13th. Citigroup raised their price target on Cummins from $630.00 to $710.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Sanford C. Bernstein set a $600.00 price target on Cummins and gave the stock a “market perform” rating in a research report on Friday, February 6th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research report on Friday, April 10th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $600.27.

Insider Buying and Selling

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares in the company, valued at $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 31,195 shares of company stock valued at $18,397,489 over the last ninety days. Insiders own 0.30% of the company’s stock.

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.