Princeton Global Asset Management LLC Acquires 90 Shares of Cummins Inc. (NYSE:CMI)

Princeton Global Asset Management LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.6% during the 4th quarter, HoldingsChannel reports. The fund owned 1,278 shares of the company’s stock after acquiring an additional 90 shares during the quarter. Princeton Global Asset Management LLC’s holdings in Cummins were worth $446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Chicago Capital LLC raised its position in shares of Cummins by 4.0% during the 4th quarter. Chicago Capital LLC now owns 3,421 shares of the company’s stock valued at $1,193,000 after purchasing an additional 133 shares during the period. HHM Wealth Advisors LLC boosted its position in shares of Cummins by 7.5% during the 4th quarter. HHM Wealth Advisors LLC now owns 1,495 shares of the company’s stock valued at $521,000 after acquiring an additional 104 shares during the last quarter. Stock Yards Bank & Trust Co. increased its position in Cummins by 7.4% in the fourth quarter. Stock Yards Bank & Trust Co. now owns 5,464 shares of the company’s stock worth $1,905,000 after purchasing an additional 375 shares during the last quarter. CENTRAL TRUST Co raised its stake in Cummins by 2.0% during the fourth quarter. CENTRAL TRUST Co now owns 8,692 shares of the company’s stock valued at $3,030,000 after purchasing an additional 170 shares in the last quarter. Finally, River Street Advisors LLC lifted its position in Cummins by 1.7% during the fourth quarter. River Street Advisors LLC now owns 6,181 shares of the company’s stock valued at $2,155,000 after purchasing an additional 101 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI opened at $356.25 on Monday. Cummins Inc. has a 12 month low of $236.00 and a 12 month high of $387.90. The stock has a fifty day moving average price of $362.75 and a 200-day moving average price of $333.59. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a market cap of $48.87 billion, a PE ratio of 23.53, a P/E/G ratio of 1.64 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.73 earnings per share. Equities research analysts predict that Cummins Inc. will post 20.62 earnings per share for the current fiscal year.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 6,490 shares of company stock valued at $2,357,880 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Citigroup decreased their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $374.25.

About Cummins

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.