Wedge Capital Management L L P NC Has $12.99 Million Position in Cummins Inc. (NYSE:CMI)

Wedge Capital Management L L P NC lessened its holdings in Cummins Inc. (NYSE:CMI) by 12.4% in the 3rd quarter, Holdings Channel reports. The firm owned 40,121 shares of the company’s stock after selling 5,688 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Cummins were worth $12,991,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CMI. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins in the 2nd quarter valued at $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the 2nd quarter valued at $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins in the 2nd quarter valued at $29,000. LRI Investments LLC acquired a new stake in shares of Cummins in the 1st quarter valued at $31,000. Finally, Quarry LP lifted its stake in shares of Cummins by 258.5% in the 4th quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after purchasing an additional 106 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. Citigroup lifted their price objective on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Raymond James assumed coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Barclays boosted their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday. Finally, Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $311.55.

Cummins Stock Performance

NYSE:CMI opened at $338.43 on Tuesday. The firm’s 50-day moving average is $309.45 and its 200-day moving average is $293.75. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $338.78. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The company has a market cap of $46.29 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.18 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 19.77 earnings per share 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.