Eastern Bank Has $462,000 Stake in Cummins Inc. (NYSE:CMI)

Eastern Bank boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 17.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,325 shares of the company’s stock after purchasing an additional 197 shares during the period. Eastern Bank’s holdings in Cummins were worth $462,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Pathway Financial Advisers LLC increased its holdings in Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC increased its holdings in Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Cummins in the 2nd quarter valued at $46,607,000. Fisher Asset Management LLC increased its stake in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares during the period. Finally, AXA S.A. increased its stake in shares of Cummins by 247.5% in the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after buying an additional 163,129 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Robert W. Baird lifted their target price on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, Truist Financial raised their price target on Cummins from $369.00 to $424.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $363.50.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, 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 document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 over the last three months. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $360.80 on Tuesday. The business’s 50-day moving average price is $362.62 and its two-hundred day moving average price is $325.60. 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 firm has a market cap of $49.49 billion, a PE ratio of 23.83, a P/E/G ratio of 1.78 and a beta of 0.99. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share 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 analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $4.73 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current year.

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.