M&T Bank Corp Acquires 2,729 Shares of Cummins Inc. (NYSE:CMI)

M&T Bank Corp lifted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 7.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 41,959 shares of the company's stock after purchasing an additional 2,729 shares during the quarter. M&T Bank Corp's holdings in Cummins were worth $13,151,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Signaturefd LLC grew its holdings in Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after purchasing an additional 28 shares during the period. Fiduciary Trust Co boosted its stake in Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after buying an additional 28 shares during the last quarter. Mindset Wealth Management LLC boosted its stake in Cummins by 1.7% during the fourth quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock valued at $724,000 after buying an additional 35 shares during the last quarter. Garrison Point Advisors LLC boosted its stake in Cummins by 1.1% during the fourth quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock valued at $1,112,000 after buying an additional 35 shares during the last quarter. Finally, Ascent Group LLC lifted its stake in shares of Cummins by 2.7% in the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after purchasing an additional 37 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Up 2.5%

Shares of NYSE CMI traded up $8.42 during midday trading on Thursday, reaching $343.02. 340,324 shares of the company's stock were exchanged, compared to its average volume of 859,685. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The stock has a market capitalization of $47.25 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 1.99 and a beta of 1.03. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The business's fifty day moving average price is $321.75 and its two-hundred day moving average price is $331.26.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. During the same period in the prior year, the firm earned $5.08 EPS. The business's quarterly revenue was down 2.7% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.12%. Cummins's payout ratio is 36.22%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and cut their price objective for the company from $400.00 to $240.00 in a report on Monday, April 7th. Evercore ISI dropped their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Robert W. Baird dropped their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $358.08.

Insider Transactions at Cummins

In related news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.41% of the company's stock.

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.