CX Institutional Buys 198 Shares of Cummins Inc. (NYSE:CMI)

CX Institutional boosted its stake in Cummins Inc. (NYSE:CMI) by 12.3% in the fourth quarter, HoldingsChannel reports. The firm owned 1,802 shares of the company’s stock after acquiring an additional 198 shares during the period. CX Institutional’s holdings in Cummins were worth $628,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CMI. Global Trust Asset Management LLC grew its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Cummins during the 3rd quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in Cummins in the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC bought a new stake in Cummins during the 3rd quarter worth approximately $55,000. Finally, Friedenthal Financial purchased a new position in Cummins during the fourth quarter valued at approximately $55,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold 6,489 shares of company stock valued at $2,357,531 in the last ninety days. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CMI. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. The Goldman Sachs Group upped their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. Finally, Robert W. Baird increased their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $374.25.

Cummins Trading Down 0.4 %

Shares of CMI opened at $367.45 on Friday. Cummins Inc. has a fifty-two week low of $236.00 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company’s fifty day moving average is $363.94 and its 200 day moving average is $330.77. The stock has a market capitalization of $50.41 billion, a PE ratio of 24.27, a P/E/G ratio of 1.69 and a beta of 1.01.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $4.73 EPS. Sell-side analysts expect that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

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.