Hanson & Doremus Investment Management Sells 61 Shares of Cummins Inc. (NYSE:CMI)

Posted by on Mar 26th, 2023

Hanson & Doremus Investment Management cut its holdings in Cummins Inc. (NYSE:CMI – Get Rating) by 23.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 203 shares of the company’s stock after selling 61 shares during the period. Hanson & Doremus Investment Management’s holdings in Cummins were worth $49,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Argus Investors Counsel Inc. increased its holdings in shares of Cummins by 2.0% in the 4th quarter. Argus Investors Counsel Inc. now owns 5,062 shares of the company’s stock worth $1,227,000 after buying an additional 98 shares during the last quarter. Romano Brothers AND Company boosted its stake in shares of Cummins by 0.7% during the 4th quarter. Romano Brothers AND Company now owns 10,588 shares of the company’s stock worth $2,565,000 after purchasing an additional 77 shares during the period. Maryland State Retirement & Pension System boosted its stake in shares of Cummins by 2.1% during the 4th quarter. Maryland State Retirement & Pension System now owns 11,083 shares of the company’s stock worth $2,685,000 after purchasing an additional 233 shares during the period. Sequoia Financial Advisors LLC purchased a new position in shares of Cummins during the 4th quarter worth about $252,000. Finally, BlackDiamond Wealth Management Inc. boosted its stake in shares of Cummins by 5.0% during the 4th quarter. BlackDiamond Wealth Management Inc. now owns 2,096 shares of the company’s stock worth $519,000 after purchasing an additional 99 shares during the period. 80.94% of the stock is currently owned by institutional investors.

Cummins Price Performance

Cummins stock opened at $223.90 on Friday. The firm has a 50-day moving average of $245.57 and a two-hundred day moving average of $237.72. Cummins Inc. has a 1 year low of $184.27 and a 1 year high of $261.91. The stock has a market cap of $31.65 billion, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 1.33 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.27 and a quick ratio of 0.77.

Cummins (NYSE:CMI – Get Rating) last announced its quarterly earnings results on Monday, February 6th. The company reported $4.52 earnings per share for the quarter, hitting the consensus estimate of $4.52. Cummins had a net margin of 7.66% and a return on equity of 24.58%. The firm had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.21 billion. During the same quarter in the prior year, the company earned $2.85 EPS. The company’s revenue was up 32.8% compared to the same quarter last year. On average, research analysts forecast that Cummins Inc. will post 18.95 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 9th. Stockholders of record on Friday, February 24th were given a $1.57 dividend. The ex-dividend date of this dividend was Thursday, February 23rd. This represents a $6.28 annualized dividend and a dividend yield of 2.80%. Cummins’s payout ratio is presently 41.56%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. UBS Group lifted their price target on shares of Cummins from $247.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 16th. Credit Suisse Group lifted their price target on shares of Cummins from $287.00 to $291.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 7th. Morgan Stanley dropped their price target on shares of Cummins from $264.00 to $262.00 and set an “equal weight” rating for the company in a research note on Friday, January 20th. StockNews.com began coverage on shares of Cummins in a research report on Thursday, March 16th. They issued a “buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Cummins from $235.00 to $231.00 and set a “hold” rating for the company in a research report on Tuesday, February 7th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $254.75.

Insider Transactions at Cummins

In other news, Director Georgia R. Nelson sold 1,933 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $251.64, for a total value of $486,420.12. Following the completion of the sale, the director now owns 21,742 shares of the company’s stock, valued at approximately $5,471,156.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Walter J. Fier sold 3,307 shares of the business’s stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $252.99, for a total transaction of $836,637.93. Following the completion of the transaction, the vice president now owns 8,090 shares in the company, valued at approximately $2,046,689.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Georgia R. Nelson sold 1,933 shares of the business’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total transaction of $486,420.12. Following the transaction, the director now owns 21,742 shares of the company’s stock, valued at approximately $5,471,156.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,709 shares of company stock valued at $4,245,545. Company insiders own 1.00% of the company’s stock.

Cummins Company Profile

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Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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