Richard P Slaughter Associates Inc Decreases Stake in Cummins Inc. (NYSE:CMI)

Richard P Slaughter Associates Inc decreased its stake in Cummins Inc. (NYSE:CMI) by 4.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,552 shares of the company’s stock after selling 253 shares during the period. Richard P Slaughter Associates Inc’s holdings in Cummins were worth $1,935,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of CMI. Federated Hermes Inc. boosted its position in shares of Cummins by 43.5% in the second quarter. Federated Hermes Inc. now owns 14,463 shares of the company’s stock valued at $4,005,000 after acquiring an additional 4,384 shares during the period. Thoroughbred Financial Services LLC bought a new position in shares of Cummins during the 2nd quarter valued at $321,000. Oppenheimer Asset Management Inc. increased its holdings in shares of 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 during the period. Angeles Investment Advisors LLC bought a new stake in Cummins in the second quarter valued at approximately $231,000. Finally, Dimensional Fund Advisors LP raised its holdings in Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after buying an additional 26,977 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Citigroup decreased their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Truist Financial raised their price target on shares of Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Cummins has an average rating of “Hold” and an average price target of $374.17.

Cummins Price Performance

NYSE CMI opened at $364.06 on Wednesday. The company’s 50 day moving average is $362.81 and its two-hundred day moving average is $326.21. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a market cap of $49.94 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 1.78 and a beta of 0.99. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating 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 company 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 company earned $4.73 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of the company’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. This represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

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.