Cummins Inc. (NYSE:CMI) Shares Sold by Principle Wealth Partners LLC

Principle Wealth Partners LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 16,947 shares of the company’s stock after selling 330 shares during the period. Principle Wealth Partners LLC’s holdings in Cummins were worth $5,908,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CWM LLC increased its holdings in shares of Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the period. Ritholtz Wealth Management grew its position in Cummins by 8.9% in the 3rd quarter. Ritholtz Wealth Management now owns 5,952 shares of the company’s stock valued at $1,927,000 after buying an additional 484 shares in the last quarter. Carnegie Investment Counsel increased its stake in Cummins by 6.1% during the 3rd quarter. Carnegie Investment Counsel now owns 21,762 shares of the company’s stock valued at $7,046,000 after buying an additional 1,257 shares during the period. Exchange Traded Concepts LLC raised its position in shares of Cummins by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 408 shares of the company’s stock worth $132,000 after buying an additional 227 shares in the last quarter. Finally, Douglas Lane & Associates LLC acquired a new stake in shares of Cummins in the 3rd quarter worth approximately $201,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Cummins stock opened at $373.98 on Tuesday. Cummins Inc. has a fifty-two week low of $250.90 and a fifty-two week high of $387.90. The firm’s 50 day simple moving average is $361.82 and its 200-day simple moving average is $336.52. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. The company has a market cap of $51.30 billion, a P/E ratio of 13.28, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $4.14 EPS. As a group, equities research analysts predict that Cummins Inc. will post 22.57 EPS for the current year.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 4,327 shares of company stock valued at $1,582,821. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. 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 note on Wednesday, November 6th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Barclays boosted their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $383.08.

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.