Cummins Inc. (NYSE:CMI) Stake Lifted by Ballentine Partners LLC

Ballentine Partners LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 5.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,506 shares of the company’s stock after acquiring an additional 127 shares during the quarter. Ballentine Partners LLC’s holdings in Cummins were worth $874,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new position in Cummins during the third quarter valued at about $34,000. Friedenthal Financial acquired a new position in Cummins during the fourth quarter worth about $55,000. Ashton Thomas Securities LLC bought a new stake in Cummins in the third quarter worth about $55,000. Finally, Bangor Savings Bank raised its position in Cummins by 24.6% in the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after acquiring an additional 35 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the topic of several recent research reports. Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Evercore ISI raised 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 note on Wednesday, November 13th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Truist Financial upped their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Eight equities 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.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $374.25.

Cummins Price Performance

NYSE CMI opened at $365.76 on Thursday. 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 capitalization of $50.17 billion, a price-to-earnings ratio of 24.16, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. The company has a 50 day simple moving average of $363.73 and a 200-day simple moving average of $329.56. Cummins Inc. has a 52-week low of $234.04 and a 52-week high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the prior year, the firm earned $4.73 EPS. The company’s revenue was up .3% compared to the same quarter last year. Equities research analysts predict that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,540,879.47. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 6,489 shares of company stock valued at $2,357,531. 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.