Hager Investment Management Services LLC Takes Position in Cummins Inc. (NYSE:CMI)

Hager Investment Management Services LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 562 shares of the company’s stock, valued at approximately $196,000.

Several other institutional investors also recently modified their holdings of the business. Pathway Financial Advisers LLC grew its holdings in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the period. International Assets Investment Management LLC grew its holdings in Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares during the period. Fisher Asset Management LLC grew its holdings in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares during the period. State Street Corp grew its holdings in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the period. Finally, abrdn plc grew its holdings in Cummins by 22.5% during the third quarter. abrdn plc now owns 611,810 shares of the company’s stock valued at $198,119,000 after purchasing an additional 112,529 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research reports. Citigroup reduced their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Robert W. Baird raised their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Jefferies Financial Group raised their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. 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 company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Cummins Trading Up 4.5 %

NYSE CMI opened at $363.97 on Wednesday. The stock’s 50-day simple moving average is $362.21 and its two-hundred day simple moving average is $334.21. Cummins Inc. has a twelve month low of $236.00 and a twelve month high of $387.90. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $49.93 billion, a price-to-earnings ratio of 24.04, a PEG ratio of 1.64 and a beta of 1.00.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the business posted $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 20.62 EPS for the current fiscal year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders have sold 6,490 shares of company stock worth $2,357,880. Company insiders own 0.56% of the company’s stock.

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.