abrdn plc Cuts Holdings in Cummins Inc. (NYSE:CMI)

abrdn plc reduced its stake in Cummins Inc. (NYSE:CMI) by 4.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 582,178 shares of the company’s stock after selling 29,632 shares during the quarter. abrdn plc owned 0.42% of Cummins worth $202,808,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Pathway Financial Advisers LLC lifted 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 worth $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 5.8% during 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 in the last quarter. State Street Corp grew its stake in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Jefferies Financial Group boosted their target price 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. 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 note on Wednesday, November 13th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $374.25.

Cummins Trading Down 2.3 %

Shares of CMI opened at $348.16 on Tuesday. 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 capitalization of $47.76 billion, a P/E ratio of 23.00, a PEG ratio of 1.64 and a beta of 1.00. Cummins Inc. has a twelve month low of $236.00 and a twelve month high of $387.90. The firm’s 50-day moving average is $362.75 and its two-hundred day moving average is $333.86.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 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 firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the firm posted $4.73 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 20.62 earnings per share for the current fiscal year.

Insider Activity at Cummins

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 completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 6,490 shares of company stock worth $2,357,880. Corporate 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.