AMG National Trust Bank Purchases New Stake in Cummins Inc. (NYSE:CMI)

AMG National Trust Bank bought a new position in shares of Cummins Inc. (NYSE:CMI) in the third quarter, Holdings Channel reports. The firm bought 677 shares of the company’s stock, valued at approximately $219,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after buying an additional 604,735 shares during the period. Pathway Financial Advisers LLC lifted its stake in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cummins by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after purchasing an additional 26,977 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after acquiring an additional 31,190 shares in the last quarter. Finally, Marshfield Associates increased its holdings in Cummins by 0.3% during the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after buying an additional 3,076 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were 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 owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 162 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock valued at $9,033,945 over the last quarter. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CMI. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Robert W. Baird upped their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group upped their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $337.67.

Cummins Price Performance

Shares of NYSE CMI opened at $360.95 on Thursday. The company has a market capitalization of $49.52 billion, a PE ratio of 23.84, a PEG ratio of 1.77 and a beta of 0.97. 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 stock’s 50 day moving average price is $332.94 and its 200-day moving average price is $303.34. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue was up .3% compared to the same quarter last year. During the same period last year, the firm posted $4.73 EPS. On average, equities analysts anticipate that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.02%. Cummins’s payout ratio is 48.08%.

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.