Beese Fulmer Investment Management Inc. Has $13.87 Million Stake in Cummins Inc. (NYSE:CMI)

Beese Fulmer Investment Management Inc. grew its holdings in Cummins Inc. (NYSE:CMI) by 0.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 42,835 shares of the company’s stock after purchasing an additional 59 shares during the quarter. Cummins comprises about 1.2% of Beese Fulmer Investment Management Inc.’s investment portfolio, making the stock its 29th largest position. Beese Fulmer Investment Management Inc.’s holdings in Cummins were worth $13,870,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Brookstone Capital Management increased its holdings in shares of Cummins by 33.3% in the first quarter. Brookstone Capital Management now owns 2,232 shares of the company’s stock valued at $658,000 after purchasing an additional 558 shares in the last quarter. Sovereign Financial Group Inc. bought a new stake in shares of Cummins during the first quarter worth $271,000. Aspiriant LLC acquired a new position in shares of Cummins during the first quarter valued at $225,000. Wealthcare Advisory Partners LLC boosted its holdings in Cummins by 110.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 3,381 shares of the company’s stock valued at $996,000 after acquiring an additional 1,775 shares during the last quarter. Finally, Transform Wealth LLC increased its position in Cummins by 1.5% in the first quarter. Transform Wealth LLC now owns 34,293 shares of the company’s stock worth $10,104,000 after purchasing an additional 513 shares during the period. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

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

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. Barclays raised their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Robert W. Baird raised their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Raymond James started coverage on shares of Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. JPMorgan Chase & Co. increased their price target on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Finally, Citigroup lifted their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and an average price target of $311.55.

Cummins Price Performance

NYSE CMI opened at $330.12 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The stock has a market cap of $45.15 billion, a price-to-earnings ratio of 24.17, a PEG ratio of 1.92 and a beta of 0.98. The business has a 50 day simple moving average of $315.05 and a 200 day simple moving average of $295.57. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $340.82.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.18 earnings per share. Analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.21%. Cummins’s dividend payout ratio (DPR) is 53.29%.

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.