Cummins Inc. $CMI Stake Raised by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 104.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,859 shares of the company’s stock after acquiring an additional 4,006 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Cummins were worth $4,060,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CMI. Persistent Asset Partners Ltd acquired a new stake in Cummins in the second quarter valued at approximately $26,000. Elevation Wealth Partners LLC raised its stake in shares of Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 22 shares during the period. Cedar Mountain Advisors LLC lifted its position in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares in the last quarter. Key Financial Inc grew its stake in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares during the period. Finally, Cornerstone Financial Management LLC increased its holdings in Cummins by 65.8% in the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock worth $45,000 after acquiring an additional 25 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 3.7%

Cummins stock traded down $19.54 during trading on Wednesday, reaching $515.77. 1,249,804 shares of the company were exchanged, compared to its average volume of 985,853. Cummins Inc. has a 52-week low of $400.72 and a 52-week high of $737.76. The company has a market capitalization of $71.00 billion, a P/E ratio of 26.36, a PEG ratio of 1.37 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock’s 50 day simple moving average is $573.79 and its two-hundred day simple moving average is $621.23.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the firm posted $6.43 EPS. The business’s quarterly revenue was up 9.4% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were paid a $2.20 dividend. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio is currently 44.97%.

Analyst Upgrades and Downgrades

CMI has been the topic of several research analyst reports. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. CICC Research assumed coverage on Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Morgan Stanley boosted their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Finally, Citigroup increased their price objective on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $724.29.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.