Harbour Trust & Investment Management Co Lowers Position in Cummins Inc. (NYSE:CMI)

Harbour Trust & Investment Management Co reduced its stake in Cummins Inc. (NYSE:CMI) by 0.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,658 shares of the company’s stock after selling 45 shares during the period. Harbour Trust & Investment Management Co’s holdings in Cummins were worth $1,972,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Pathway Financial Advisers LLC boosted its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after buying an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Fisher Asset Management LLC boosted its position 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 acquiring an additional 165,398 shares during the last quarter. State Street Corp boosted its position in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. Finally, abrdn plc grew its holdings in shares of Cummins by 22.5% in the third quarter. abrdn plc now owns 611,810 shares of the company’s stock valued at $198,119,000 after purchasing an additional 112,529 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 4,327 shares of company stock worth $1,582,821. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on CMI. Robert W. Baird increased their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and increased their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $383.08.

Cummins Trading Up 0.8 %

CMI stock opened at $372.12 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. The company has a market capitalization of $51.05 billion, a PE ratio of 13.21, a P/E/G ratio of 2.10 and a beta of 1.00. The firm’s 50-day moving average is $361.82 and its 200 day moving average is $336.13. Cummins Inc. has a 12 month low of $247.53 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.14 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 22.57 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.