Beese Fulmer Investment Management Inc. Has $13.37 Million Stake in Cummins Inc. (NYSE:CMI)

Beese Fulmer Investment Management Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 0.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,667 shares of the company’s stock after buying an additional 266 shares during the quarter. Beese Fulmer Investment Management Inc.’s holdings in Cummins were worth $13,374,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. BankPlus Trust Department acquired a new position in Cummins in the fourth quarter valued at about $26,000. Compass Financial Services Inc bought a new position in shares of Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. grew its holdings in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new position in shares of Cummins during the fourth quarter worth about $28,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Cummins during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $320.84 on Friday. The stock has a market cap of $44.20 billion, a P/E ratio of 11.39, a PEG ratio of 2.19 and a beta of 1.02. The stock has a 50 day simple moving average of $303.91 and a 200 day simple moving average of $339.94. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the firm posted $5.08 EPS. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.27%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Analyst Ratings Changes

A number of research analysts have weighed in on CMI shares. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and raised their price target for the company from $410.00 to $431.00 in a research note on Tuesday. UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and decreased their price target for the company from $400.00 to $240.00 in a research note on Monday, April 7th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Finally, Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $357.25.

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.