Canandaigua National Bank & Trust Co. Has $1.41 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Canandaigua National Bank & Trust Co. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 421.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 4,799 shares of the company’s stock after buying an additional 3,879 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Cummins were worth $1,414,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. First United Bank & Trust bought a new position in Cummins during the fourth quarter worth about $25,000. Private Wealth Management Group LLC bought a new position in Cummins during the fourth quarter worth about $26,000. Silver Oak Securities Incorporated bought a new position in Cummins during the third quarter worth about $28,000. DiNuzzo Private Wealth Inc. bought a new position in Cummins during the fourth quarter worth about $31,000. Finally, Quarry LP increased its position in Cummins by 258.5% during the fourth quarter. Quarry LP now owns 147 shares of the company’s stock worth $35,000 after acquiring an additional 106 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. The Goldman Sachs Group raised their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Truist Financial reissued a “hold” rating and issued a $319.00 target price on shares of Cummins in a report on Wednesday, May 15th. Evercore ISI raised their target price on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Finally, TD Cowen raised their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $284.36.

Cummins Trading Up 1.4 %

CMI opened at $273.72 on Wednesday. The company’s 50 day moving average is $284.89 and its 200-day moving average is $266.49. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The company has a market cap of $37.44 billion, a P/E ratio of 20.04, a PEG ratio of 1.68 and a beta of 1.02.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Equities research analysts predict that Cummins Inc. will post 18.84 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were given a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.46%. Cummins’s dividend payout ratio is presently 49.19%.

Insider Buying and Selling

In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Marvin Boakye purchased 1,745 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was purchased at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the transaction, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is owned by corporate insiders.

Cummins Company Profile

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.