NBT Bank N A NY Cuts Position in Cummins Inc. $CMI

NBT Bank N A NY lessened its holdings in Cummins Inc. (NYSE:CMI) by 4.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,368 shares of the company’s stock after selling 70 shares during the period. NBT Bank N A NY’s holdings in Cummins were worth $448,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Orca Wealth Management LLC increased its position in shares of Cummins by 0.6% during the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after acquiring an additional 28 shares during the period. V Square Quantitative Management LLC increased its position in shares of Cummins by 1.0% during the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after acquiring an additional 31 shares during the period. Bank of Jackson Hole Trust increased its position in shares of Cummins by 1.2% during the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after acquiring an additional 33 shares during the period. Scotia Capital Inc. increased its position in shares of Cummins by 0.5% during the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after acquiring an additional 34 shares during the period. Finally, Van Hulzen Asset Management LLC increased its position in shares of Cummins by 1.2% during the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after acquiring an additional 34 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

In related news, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the transaction, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock valued at $17,674,285 over the last ninety days. 0.41% of the stock is currently owned by company insiders.

Cummins Price Performance

Shares of CMI opened at $426.20 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $440.51. The company has a market capitalization of $58.73 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 2.11 and a beta of 1.04. The firm has a 50-day simple moving average of $406.06 and a 200-day simple moving average of $348.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the prior year, the firm earned $5.26 earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is a positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s payout ratio is currently 37.61%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CMI. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research report on Saturday, September 27th. Robert W. Baird upped their price objective on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Finally, Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $397.43.

About Cummins

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.