1,313 Shares of Cummins Inc. $CMI Purchased by NBT Bank N.A.

NBT Bank N.A. purchased a new stake in Cummins Inc. (NYSE:CMI) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,313 shares of the company’s stock, valued at approximately $678,000.

A number of other institutional investors have also made changes to their positions in CMI. BlackRock Inc. acquired a new stake in Cummins in the 2nd quarter valued at approximately $8,204,241,000. Bank of America Corp DE bought a new position in Cummins in the 2nd quarter worth approximately $1,408,353,000. Bank of New York Mellon Corp bought a new position in Cummins in the 2nd quarter worth approximately $973,198,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Cummins by 6.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,026,782 shares of the company’s stock worth $530,405,000 after buying an additional 62,107 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Cummins during the second quarter worth approximately $666,635,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Down 0.4%

Shares of CMI opened at $517.64 on Friday. Cummins Inc. has a 12-month low of $413.98 and a 12-month high of $737.76. The stock’s 50-day moving average price is $545.26 and its 200 day moving average price is $619.42. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $71.26 billion, a price-to-earnings ratio of 26.45, a P/E/G ratio of 1.37 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period in the previous year, the firm earned $6.43 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is 44.97%.

Analysts Set New Price Targets

CMI has been the subject of several research reports. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Wall Street Zen lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Bank of America dropped their target price on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. CICC Research began coverage on shares of Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price for the company. Finally, Wells Fargo & Company reduced their price target on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating for the company in a report on Thursday, October 8th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $703.18.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.