Mariner Investment Group LLC Purchases New Shares in Cummins Inc. (NYSE:CMI)

Mariner Investment Group LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,000 shares of the company’s stock, valued at approximately $1,046,000. Cummins makes up approximately 0.2% of Mariner Investment Group LLC’s holdings, making the stock its 20th largest position.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Global Trust Asset Management LLC lifted its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Cummins in the 3rd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins during the 3rd quarter worth $34,000. Ashton Thomas Securities LLC bought a new position in Cummins in the 3rd quarter valued at $55,000. Finally, Friedenthal Financial acquired a new stake in shares of Cummins in the 4th quarter valued at $55,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CMI. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. 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. Finally, The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target of $374.25.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last 90 days. 0.56% of the stock is owned by company insiders.

Cummins Trading Down 0.4 %

CMI opened at $367.45 on Monday. The firm’s fifty day moving average is $363.94 and its two-hundred day moving average is $331.60. The firm has a market cap of $50.41 billion, a PE ratio of 24.27, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. Cummins Inc. has a twelve month low of $236.00 and a twelve month 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 issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the business posted $4.73 EPS. The firm’s revenue was up .3% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 21.92 EPS for the current 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.