Eldred Rock Partners LLC Has $11.52 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Eldred Rock Partners LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 0.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 33,055 shares of the company’s stock after buying an additional 174 shares during the period. Cummins accounts for about 3.9% of Eldred Rock Partners LLC’s investment portfolio, making the stock its 8th largest holding. Eldred Rock Partners LLC’s holdings in Cummins were worth $11,520,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Prospera Private Wealth LLC bought a new position in shares of Cummins during the third quarter worth about $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the 3rd quarter valued at approximately $34,000. Friedenthal Financial acquired a new position in shares of Cummins in the 4th quarter worth approximately $55,000. Ashton Thomas Securities LLC bought a new stake in shares of Cummins in the 3rd quarter valued at $55,000. Finally, Bangor Savings Bank increased its position in shares of Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after buying an additional 35 shares during the period. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Robert W. Baird boosted 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. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $374.25.

Cummins Stock Performance

NYSE CMI opened at $365.98 on Monday. The company’s 50 day simple moving average is $363.33 and its two-hundred day simple moving average is $327.80. The stock has a market capitalization of $50.21 billion, a PE ratio of 24.17, a P/E/G ratio of 1.61 and a beta of 1.01. 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.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 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 analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.73 EPS. Analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 6,489 shares of company stock valued at $2,357,531. 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.