Perigon Wealth Management LLC Buys 5,564 Shares of Cummins Inc. (NYSE:CMI)

Perigon Wealth Management LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 566.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,546 shares of the company's stock after acquiring an additional 5,564 shares during the period. Perigon Wealth Management LLC's holdings in Cummins were worth $2,398,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Global Trust Asset Management LLC increased its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after buying an additional 28 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Cummins in the 3rd quarter valued at about $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins during the third quarter worth approximately $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Cummins in the third quarter valued at approximately $55,000. Finally, Friedenthal Financial bought a new stake in Cummins in the 4th quarter valued at $55,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of Cummins stock traded up $5.79 during midday trading on Thursday, hitting $359.81. 915,994 shares of the company traded hands, compared to its average volume of 766,937. The firm's fifty day moving average price is $363.27 and its 200-day moving average price is $332.70. The stock has a market cap of $49.36 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 12 month low of $236.00 and a 12 month high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business's quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.73 earnings per share. As a group, sell-side analysts forecast that Cummins Inc. will post 21.92 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on CMI shares. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. upgraded shares of Cummins from an "underweight" rating to a "neutral" rating and raised their price objective for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. The Goldman Sachs Group upped 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. Truist Financial lifted 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, Jefferies Financial Group lifted their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Eight research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cummins currently has a consensus rating of "Moderate Buy" and a consensus target price of $374.25.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 6,490 shares of company stock worth $2,357,880 in the last 90 days. Corporate 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.