First Pacific Financial Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

First Pacific Financial lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,945 shares of the company’s stock after selling 106 shares during the quarter. First Pacific Financial’s holdings in Cummins were worth $1,375,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Federated Hermes Inc. raised its holdings 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. increased its position in 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. raised its stake in shares of Cummins by 1.3% in the second quarter. Moors & Cabot Inc. now owns 4,010 shares of the company’s stock worth $1,110,000 after buying an additional 53 shares during the period. Argent Trust Co lifted its position in shares of Cummins by 6.1% during the 2nd quarter. Argent Trust Co now owns 10,799 shares of the company’s stock valued at $2,991,000 after buying an additional 621 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Cummins by 10.2% during 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 period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CMI. 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. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial upped their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday. The Goldman Sachs Group increased their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $374.25.

Cummins Stock Performance

NYSE CMI opened at $366.55 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90. The business has a 50 day simple moving average of $362.91 and a two-hundred day simple moving average of $326.45. The stock has a market capitalization of $50.28 billion, a PE ratio of 24.21, a P/E/G ratio of 1.61 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 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 firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the company earned $4.73 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business’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 transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 6,489 shares of company stock worth $2,357,531 over the last 90 days. 0.56% of the stock is owned by insiders.

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.