Cummins Inc. (NYSE:CMI) Shares Sold by Conning Inc.

Conning Inc. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 20.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 99,650 shares of the company’s stock after selling 25,098 shares during the period. Conning Inc.’s holdings in Cummins were worth $34,738,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Global Trust Asset Management LLC lifted its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares in the last quarter. KG&L Capital Management LLC lifted its stake in Cummins by 0.8% in the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after acquiring an additional 28 shares in the last quarter. Chicago Capital LLC lifted its stake in Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after acquiring an additional 30 shares in the last quarter. Massachusetts Wealth Management lifted its stake in Cummins by 0.6% in the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after acquiring an additional 30 shares in the last quarter. Finally, Equitable Trust Co. lifted its stake in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after acquiring an additional 32 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CMI. The Goldman Sachs Group increased their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Finally, Robert W. Baird raised their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $383.08.

Cummins Stock Performance

Shares of NYSE CMI opened at $372.12 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a market cap of $51.05 billion, a price-to-earnings ratio of 24.58, a P/E/G ratio of 1.64 and a beta of 1.00. The business’s 50-day simple moving average is $361.89 and its 200-day simple moving average is $335.21. Cummins Inc. has a 52 week low of $247.53 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.14 EPS. As a group, equities research analysts expect that Cummins Inc. will post 20.62 earnings per share for the current fiscal year.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,540,879.47. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 6,328 shares of company stock valued at $2,300,040. Insiders own 0.56% of the company’s stock.

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.