Wedge Capital Management L L P NC cut its stake in Cummins Inc. (NYSE:CMI - Free Report) by 21.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,488 shares of the company's stock after selling 8,633 shares during the period. Wedge Capital Management L L P NC's holdings in Cummins were worth $10,977,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the stock. Prospera Private Wealth LLC bought a new stake in Cummins during the third quarter worth about $32,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins during the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $55,000. Friedenthal Financial bought a new position in Cummins in the fourth quarter valued at approximately $55,000. Finally, Bangor Savings Bank raised its position in Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company's stock valued at $62,000 after purchasing an additional 35 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
CMI has been the topic of a number of research analyst reports. Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. StockNews.com lowered Cummins from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, January 14th. Evercore ISI upgraded Cummins from an "in-line" rating to an "outperform" rating and raised their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Jefferies Financial Group lifted their target price 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. Finally, Citigroup cut their price target on shares of Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $374.25.
Check Out Our Latest Stock Report on CMI
Cummins Stock Down 0.1 %
Shares of NYSE:CMI traded down $0.35 during trading on Friday, reaching $365.98. 810,985 shares of the stock were exchanged, compared to its average volume of 505,817. The stock has a fifty day moving average of $363.33 and a two-hundred day moving average of $327.80. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90. 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 has a market cap of $50.21 billion, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01.
Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the firm earned $4.73 earnings per share. The business's quarterly revenue was up .3% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.
Insider Transactions at Cummins
In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction 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 completion of the sale, the vice president now directly 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 SEC, which can be accessed through the SEC website. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last ninety days. 0.56% of the stock is currently owned by insiders.
About Cummins
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Free Report)
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.
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