Money Concepts Capital Corp Lowers Position in Cummins Inc. (NYSE:CMI)

Money Concepts Capital Corp lowered its stake in Cummins Inc. (NYSE:CMI) by 6.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,441 shares of the company’s stock after selling 478 shares during the quarter. Money Concepts Capital Corp’s holdings in Cummins were worth $2,245,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. State Street Corp grew its stake in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares during the period. Pathway Financial Advisers LLC grew its position in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. FMR LLC increased its stake in Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares during the period. Finally, International Assets Investment Management LLC lifted its position in shares of Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the topic of several recent research reports. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. Truist Financial upped their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $383.08.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders sold 6,490 shares of company stock valued at $2,357,880. Insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $370.03 on Thursday. The firm has a market capitalization of $50.76 billion, a P/E ratio of 24.44, a P/E/G ratio of 1.64 and a beta of 1.00. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52 week low of $236.00 and a 52 week high of $387.90. The firm’s 50 day moving average is $361.94 and its two-hundred day moving average is $334.73.

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

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.