Montecito Bank & Trust Sells 94 Shares of Cummins Inc. (NYSE:CMI)

Montecito Bank & Trust decreased its holdings in Cummins Inc. (NYSE:CMI) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,901 shares of the company’s stock after selling 94 shares during the quarter. Montecito Bank & Trust’s holdings in Cummins were worth $1,011,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Global Trust Asset Management LLC raised its holdings in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in Cummins in the 3rd quarter valued at about $32,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins in the third quarter worth about $34,000. Ashton Thomas Securities LLC acquired a new position in shares of Cummins during the third quarter worth approximately $55,000. Finally, Friedenthal Financial bought a new stake in shares of Cummins during the fourth quarter valued at approximately $55,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction dated 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 owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on CMI shares. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Robert W. Baird upped their target price 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. Finally, The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Cummins Price Performance

Shares of NYSE CMI opened at $369.32 on Friday. The company has a fifty day moving average price of $363.72 and a 200 day moving average price of $329.82. Cummins Inc. has a 1-year low of $234.49 and a 1-year high of $387.90. The firm has a market cap of $50.66 billion, a PE ratio of 24.39, a PEG ratio of 1.69 and a beta of 1.01. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

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, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the company earned $4.73 earnings per share. Research analysts predict that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

About Cummins

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.