Cummins Inc. (NYSE:CMI) Shares Bought by Merit Financial Group LLC

Merit Financial Group LLC grew its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 177.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,835 shares of the company's stock after purchasing an additional 8,209 shares during the quarter. Merit Financial Group LLC's holdings in Cummins were worth $4,474,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in Cummins during the third quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Cummins during the third quarter worth approximately $34,000. Friedenthal Financial acquired a new position in shares of Cummins in the 4th quarter valued at $55,000. Ashton Thomas Securities LLC purchased a new stake in Cummins in the 3rd quarter valued at $55,000. Finally, Bangor Savings Bank boosted its stake in Cummins by 24.6% during the 4th quarter. Bangor Savings Bank now owns 177 shares of the company's stock worth $62,000 after purchasing an additional 35 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on CMI shares. Truist Financial lifted their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a research note on Thursday. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Robert W. Baird increased their price target on Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. StockNews.com cut shares of Cummins from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. upgraded shares of Cummins from an "underweight" rating to a "neutral" rating and raised their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $374.25.

Cummins Price Performance

Shares of CMI stock traded down $0.35 during midday trading on Friday, reaching $365.98. 810,985 shares of the company traded hands, compared to its average volume of 505,817. The firm has a market cap of $50.21 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The firm's 50 day simple moving average is $363.33 and its two-hundred day simple moving average is $327.80. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the business earned $4.73 earnings per share. Cummins's quarterly revenue was up .3% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Company 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.