Cummins Inc. $CMI Shares Bought by WealthShield Partners LLC

WealthShield Partners LLC raised its position in Cummins Inc. (NYSE:CMI) by 20.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,468 shares of the company’s stock after purchasing an additional 934 shares during the quarter. WealthShield Partners LLC’s holdings in Cummins were worth $2,310,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. LBP AM SA purchased a new position in Cummins in the third quarter valued at approximately $6,172,000. Commerzbank Aktiengesellschaft FI increased its position in shares of Cummins by 16.5% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 3,171 shares of the company’s stock worth $1,340,000 after acquiring an additional 449 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Cummins by 15.2% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,492 shares of the company’s stock valued at $646,000 after acquiring an additional 197 shares during the period. Whittier Trust Co. lifted its holdings in shares of Cummins by 0.9% during the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock valued at $1,154,000 after acquiring an additional 24 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in Cummins by 1.1% during the 3rd quarter. CIBC Asset Management Inc now owns 22,301 shares of the company’s stock worth $9,419,000 after purchasing an additional 251 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 2.0%

Shares of NYSE:CMI opened at $571.34 on Monday. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. The company has a fifty day simple moving average of $520.97 and a 200 day simple moving average of $446.25. The firm has a market cap of $78.87 billion, a PE ratio of 29.65, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $587.55.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.86 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Insider Buying and Selling at Cummins

In related news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the sale, the insider directly owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 19,330 shares of company stock worth $9,135,364 over the last quarter. 0.41% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. Raymond James Financial upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective on the stock in a research note on Monday, December 22nd. JPMorgan Chase & Co. boosted their price target on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Truist Financial upped their price target on Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a report on Thursday, December 18th. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. Finally, Barclays upped their target price on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $520.79.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.