Arrow Financial Corp Sells 241 Shares of Cummins Inc. (NYSE:CMI)

Arrow Financial Corp lessened its holdings in Cummins Inc. (NYSE:CMI) by 4.5% during the third quarter, Holdings Channel.com reports. The firm owned 5,135 shares of the company’s stock after selling 241 shares during the quarter. Arrow Financial Corp’s holdings in Cummins were worth $1,663,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CMI. Envestnet Portfolio Solutions Inc. lifted its position in Cummins by 22.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 5,723 shares of the company’s stock valued at $1,686,000 after purchasing an additional 1,061 shares during the last quarter. Montag A & Associates Inc. raised its position in Cummins by 4,316.9% during the 1st quarter. Montag A & Associates Inc. now owns 7,862 shares of the company’s stock valued at $2,317,000 after purchasing an additional 7,684 shares during the last quarter. Concurrent Investment Advisors LLC grew its position in shares of Cummins by 22.9% in the 1st quarter. Concurrent Investment Advisors LLC now owns 3,235 shares of the company’s stock worth $953,000 after buying an additional 603 shares during the last quarter. Donoghue Forlines LLC bought a new position in shares of Cummins during the first quarter valued at approximately $1,900,000. Finally, Russell Investments Group Ltd. lifted its stake in Cummins by 18.9% in the first quarter. Russell Investments Group Ltd. now owns 205,932 shares of the company’s stock worth $60,679,000 after acquiring an additional 32,665 shares during the period. 83.46% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Trading Up 0.5 %

NYSE CMI opened at $356.46 on Friday. The stock’s fifty day moving average price is $322.99 and its 200-day moving average price is $299.12. The company has a current ratio of 1.32, a quick ratio of 0.82 and a debt-to-equity ratio of 0.43. The stock has a market cap of $48.90 billion, a P/E ratio of 23.54, a P/E/G ratio of 2.01 and a beta of 0.97. Cummins Inc. has a 12 month low of $214.57 and a 12 month high of $370.21.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the business earned $4.73 EPS. Cummins’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts forecast that Cummins Inc. will post 20.17 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research reports. The Goldman Sachs Group upped their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday. Barclays increased their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Evercore ISI increased their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. lifted their price target on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $324.83.

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.