Boston Common Asset Management LLC Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Boston Common Asset Management LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,766 shares of the company’s stock after selling 633 shares during the quarter. Boston Common Asset Management LLC’s holdings in Cummins were worth $11,074,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Federated Hermes Inc. boosted its stake in Cummins by 43.5% in the 2nd quarter. Federated Hermes Inc. now owns 14,463 shares of the company’s stock worth $4,005,000 after purchasing an additional 4,384 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of Cummins by 34.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 2,956 shares of the company’s stock worth $819,000 after buying an additional 758 shares in the last quarter. Moors & Cabot Inc. boosted its position in shares of Cummins by 1.3% during the second quarter. Moors & Cabot Inc. now owns 4,010 shares of the company’s stock worth $1,110,000 after acquiring an additional 53 shares during the last quarter. Argent Trust Co grew its stake in Cummins by 6.1% during the second quarter. Argent Trust Co now owns 10,799 shares of the company’s stock valued at $2,991,000 after acquiring an additional 621 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in Cummins by 10.2% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,947 shares of the company’s stock valued at $1,370,000 after acquiring an additional 457 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Truist Financial raised their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the company from $354.00 to $358.00 in a report on Tuesday. Jefferies Financial Group upped their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Robert W. Baird upped their price target 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. Finally, Citigroup dropped their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $374.25.

Insider Activity

In other news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. The trade was a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by company insiders.

Cummins Trading Up 0.3 %

NYSE CMI traded up $1.00 during trading on Friday, hitting $367.33. The stock had a trading volume of 103,848 shares, compared to its average volume of 549,297. The stock has a market capitalization of $50.39 billion, a price-to-earnings ratio of 24.26, a P/E/G ratio of 1.61 and a beta of 1.01. The stock has a 50 day simple moving average of $362.91 and a 200 day simple moving average of $326.45. Cummins Inc. has a one year low of $226.52 and a one year 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) last posted its quarterly earnings data 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. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the business earned $4.73 EPS. Cummins’s revenue was up .3% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 20.75 earnings per share for the current year.

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.