Pacer Advisors Inc. Sells 1,305 Shares of Cummins Inc. (NYSE:CMI)

Pacer Advisors Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 10.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,265 shares of the company's stock after selling 1,305 shares during the period. Pacer Advisors Inc.'s holdings in Cummins were worth $3,927,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Global Trust Asset Management LLC lifted its stake in Cummins by 59.6% during the fourth 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 in the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Cummins in the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins during the 3rd quarter worth about $34,000. Friedenthal Financial acquired a new position in Cummins during the fourth quarter valued at approximately $55,000. Finally, Ashton Thomas Securities LLC acquired a new position in Cummins in the 3rd quarter valued at $55,000. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 6,490 shares of company stock valued at $2,357,880. 0.56% of the stock is owned by insiders.

Cummins Stock Up 1.6 %

Shares of CMI stock opened at $359.81 on Friday. The firm's fifty day moving average price is $363.27 and its two-hundred day moving average price is $332.70. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 1 year low of $236.00 and a 1 year high of $387.90. The firm has a market capitalization of $49.36 billion, a P/E ratio of 23.77, a PEG ratio of 1.63 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins's quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.73 earnings per share. On average, equities analysts predict that Cummins Inc. will post 20.62 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on CMI. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Robert W. Baird lifted their target price on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Citigroup dropped their price target on shares of Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Vertical Research downgraded shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and lifted their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. 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 stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $374.25.

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.