Community Bank N.A. Sells 400 Shares of Cummins Inc. $CMI

Community Bank N.A. decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,881 shares of the company’s stock after selling 400 shares during the quarter. Community Bank N.A.’s holdings in Cummins were worth $3,564,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Olde Wealth Management LLC acquired a new stake in Cummins during the 1st quarter valued at $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins during the 1st quarter valued at $31,000. Opal Wealth Advisors LLC acquired a new stake in Cummins during the 1st quarter valued at $37,000. Richardson Financial Services Inc. acquired a new stake in Cummins during the 1st quarter valued at $39,000. Finally, Costello Asset Management INC acquired a new stake in Cummins during the 1st quarter valued at $40,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,873,972.60. This represents a 20.21% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,119 shares of company stock valued at $17,674,285. Company insiders own 0.41% of the company’s stock.

Cummins Stock Down 0.9%

CMI stock opened at $409.17 on Tuesday. The company has a market cap of $56.38 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. The business has a 50-day simple moving average of $408.16 and a 200 day simple moving average of $350.37. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.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 previous year, the firm earned $5.26 earnings per share. Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Truist Financial lifted their target price on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. 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 for the company in a report on Wednesday, September 3rd. Finally, Wells Fargo & Company raised Cummins to an “overweight” rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Cummins presently has an average rating of “Moderate Buy” and an average target price of $397.43.

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.