Canandaigua National Bank & Trust Co. Raises Holdings in Cummins Inc. (NYSE:CMI)

Canandaigua National Bank & Trust Co. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 7.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,871 shares of the company’s stock after purchasing an additional 417 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Cummins were worth $1,901,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the 2nd quarter valued at about $28,000. Cultivar Capital Inc. acquired a new stake in Cummins during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory purchased a new position in Cummins in the 2nd quarter valued at $29,000. LRI Investments LLC purchased a new position in Cummins in the 1st quarter valued at $31,000. Finally, JNBA Financial Advisors grew its position in Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.3 %

Shares of NYSE:CMI traded up $4.39 during trading on Friday, reaching $331.74. 691,513 shares of the stock were exchanged, compared to its average volume of 1,615,336. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $333.43. The firm has a market cap of $45.38 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The firm’s 50-day moving average price is $304.44 and its 200 day moving average price is $291.87.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter in the previous year, the business earned $5.18 EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.19%. Cummins’s payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent analyst reports. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Truist Financial lifted their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. lifted their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Citigroup began coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Finally, Robert W. Baird lifted their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $299.55.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Cummins 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.