Cummins Inc. (NYSE:CMI) Shares Purchased by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. grew its position in shares of Cummins Inc. (NYSE:CMI) by 9.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,422 shares of the company’s stock after purchasing an additional 551 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Cummins were worth $2,239,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CMI. Chicago Capital LLC increased its stake in Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the last quarter. Equitable Trust Co. raised its stake in shares of Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after acquiring an additional 32 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after acquiring an additional 35 shares during the period. Fidelis Capital Partners LLC grew its holdings in Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after acquiring an additional 38 shares during the period. Finally, Shepherd Financial Partners LLC lifted its stake in shares of Cummins by 2.3% in the 3rd quarter. Shepherd Financial Partners LLC now owns 1,819 shares of the company’s stock valued at $589,000 after purchasing an additional 41 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Robert W. Baird raised their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Finally, Citigroup increased their price target on shares of Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $356.92.

Cummins Stock Performance

Shares of Cummins stock traded up $3.40 on Monday, reaching $357.75. 586,994 shares of the stock were exchanged, compared to its average volume of 532,050. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $49.08 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 1.80 and a beta of 1.01. The business has a 50 day moving average price of $359.17 and a two-hundred day moving average price of $322.30.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.73 EPS. Analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

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.