Precedent Wealth Partners LLC Purchases 136 Shares of Cummins Inc. (NYSE:CMI)

Precedent Wealth Partners LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 3.0% in the 4th quarter, HoldingsChannel reports. The firm owned 4,675 shares of the company’s stock after acquiring an additional 136 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Cummins were worth $1,630,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Cummins in the third quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Cummins in the third quarter worth $34,000. Ashton Thomas Securities LLC bought a new stake in Cummins during the 3rd quarter valued at $55,000. Finally, Friedenthal Financial purchased a new stake in Cummins during the 4th quarter valued at $55,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on CMI. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Citigroup lowered their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Cummins Trading Down 0.4 %

Shares of CMI opened at $367.45 on Friday. Cummins Inc. has a 1 year low of $236.00 and a 1 year high of $387.90. The company has a 50 day simple moving average of $363.94 and a two-hundred day simple moving average of $330.77. 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 cap of $50.41 billion, a P/E ratio of 24.27, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.73 earnings per share. On average, equities analysts expect that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of the firm’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 value 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 $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 6,489 shares of company stock valued at $2,357,531 in the last three months. Corporate 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.