Manning & Napier Advisors LLC Sells 4,149 Shares of Cummins Inc. (NYSE:CMI)

Manning & Napier Advisors LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 7.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,222 shares of the company’s stock after selling 4,149 shares during the period. Manning & Napier Advisors LLC’s holdings in Cummins were worth $17,507,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the period. Chicago Capital LLC boosted its stake in shares of Cummins by 0.9% in the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after acquiring an additional 30 shares during the period. Equitable Trust Co. grew its position in shares of Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after purchasing an additional 32 shares in the last quarter. Mayflower Financial Advisors LLC raised its stake in Cummins by 2.0% during the 4th quarter. Mayflower Financial Advisors LLC now owns 1,631 shares of the company’s stock valued at $568,000 after purchasing an additional 32 shares during the period. Finally, EP Wealth Advisors LLC lifted its holdings in Cummins by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the topic of several research analyst reports. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird raised their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Citigroup decreased their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Eight 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 stock. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $374.25.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

Cummins Trading Up 1.8 %

Shares of Cummins stock traded up $6.29 on Wednesday, reaching $356.56. The company had a trading volume of 130,897 shares, compared to its average volume of 716,288. The firm’s 50 day moving average price is $363.40 and its two-hundred day moving average price is $332.55. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 52-week low of $236.00 and a 52-week high of $387.90. The firm has a market cap of $48.91 billion, a PE ratio of 23.56, a PEG ratio of 1.69 and a beta of 1.01.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $4.73 EPS. Sell-side analysts predict 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.