Relyea Zuckerberg Hanson LLC Acquires New Position in Cummins Inc. (NYSE:CMI)

Relyea Zuckerberg Hanson LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, HoldingsChannel.com reports. The fund bought 627 shares of the company’s stock, valued at approximately $219,000.

A number of other hedge funds have also bought and sold shares of the stock. Chicago Capital LLC raised its stake in shares of Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after acquiring an additional 30 shares during the period. Equitable Trust Co. increased its holdings in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after purchasing an additional 32 shares during the last quarter. EP Wealth Advisors LLC raised its position in Cummins by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after purchasing an additional 35 shares during the period. Bangor Savings Bank lifted its stake in Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after purchasing an additional 35 shares in the last quarter. Finally, Graypoint LLC boosted its position in shares of Cummins by 2.0% during the fourth quarter. Graypoint LLC now owns 1,874 shares of the company’s stock worth $653,000 after buying an additional 36 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last three months. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $354.00 to $358.00 in a research report on Tuesday. Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday. Robert W. Baird upped their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group raised their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $374.25.

Cummins Stock Performance

Shares of CMI stock opened at $365.98 on Friday. The company has a market cap of $50.21 billion, a P/E ratio of 24.17, a PEG ratio of 1.61 and a beta of 1.01. The firm has a fifty day moving average price of $363.14 and a 200 day moving average price of $326.73. 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 Inc. has a 12 month low of $226.52 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data 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. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the firm posted $4.73 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 20.75 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.