Pacer Advisors Inc. Lowers Position in Cummins Inc. (NYSE:CMI)

Pacer Advisors Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 10.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,265 shares of the company’s stock after selling 1,305 shares during the quarter. Pacer Advisors Inc.’s holdings in Cummins were worth $3,927,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC increased its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the period. Prospera Private Wealth LLC acquired a new position in Cummins during the third quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins during the third quarter worth $34,000. Ashton Thomas Securities LLC purchased a new position in Cummins in the third quarter worth $55,000. Finally, Friedenthal Financial acquired a new stake in Cummins in the fourth quarter valued at $55,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Jefferies Financial Group boosted their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Citigroup dropped their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Robert W. Baird boosted their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 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, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $374.25.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 6,490 shares of company stock valued at $2,357,880 over the last quarter. Company insiders own 0.56% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $359.81 on Friday. The firm has a market cap of $49.36 billion, a price-to-earnings ratio of 23.77, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 12-month low of $236.00 and a 12-month high of $387.90. 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 company’s 50-day moving average is $363.27 and its two-hundred day moving average is $332.70.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 6.13% and a return on equity of 26.86%. Cummins’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business earned $4.73 earnings per share. Research analysts expect that Cummins Inc. will post 21.92 EPS for the current 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.