M&T Bank Corp lessened its stake in Cummins Inc. (NYSE:CMI) by 8.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 47,180 shares of the company’s stock after selling 4,226 shares during the quarter. M&T Bank Corp’s holdings in Cummins were worth $8,175,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Renaissance Technologies LLC purchased a new position in shares of Cummins during the 4th quarter valued at $3,955,000. Sunbelt Securities Inc. lifted its holdings in Cummins by 108.9% during the fourth quarter. Sunbelt Securities Inc. now owns 4,079 shares of the company’s stock valued at $514,000 after purchasing an additional 2,126 shares during the last quarter. Macquarie Group Ltd. boosted its position in Cummins by 81.1% during the fourth quarter. Macquarie Group Ltd. now owns 11,410 shares of the company’s stock worth $2,042,000 after purchasing an additional 5,110 shares during the period. American National Bank boosted its position in Cummins by 921.7% during the first quarter. American National Bank now owns 3,065 shares of the company’s stock worth $415,000 after purchasing an additional 2,765 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in shares of Cummins by 7.3% in the first quarter. State of Alaska Department of Revenue now owns 62,786 shares of the company’s stock worth $8,494,000 after purchasing an additional 4,263 shares in the last quarter. Institutional investors and hedge funds own 80.86% of the company’s stock.
Shares of NYSE:CMI opened at $193.26 on Friday. Cummins Inc. has a 52-week low of $101.03 and a 52-week high of $204.98. The firm has a fifty day moving average of $176.98 and a 200 day moving average of $160.75. The firm has a market capitalization of $28.51 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 3.39 and a beta of 1.14. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 1.42.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.93. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.68 billion. Cummins had a return on equity of 21.04% and a net margin of 8.46%. The company’s revenue was down 38.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.27 earnings per share. On average, sell-side analysts forecast that Cummins Inc. will post 8.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $1.311 dividend. The ex-dividend date is Thursday, August 20th. This represents a $5.24 dividend on an annualized basis and a yield of 2.71%. Cummins’s payout ratio is 34.82%.
CMI has been the subject of a number of recent research reports. Cowen reiterated a “hold” rating and issued a $171.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. UBS Group lifted their price target on Cummins from $167.00 to $168.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Barclays boosted their price objective on Cummins from $175.00 to $192.00 and gave the company an “equal weight” rating in a research note on Wednesday. Wells Fargo & Co raised their target price on Cummins from $190.00 to $205.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Finally, Loop Capital lifted their target price on Cummins from $130.00 to $160.00 and gave the company a “sell” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company. Cummins has an average rating of “Hold” and an average target price of $185.71.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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