Patton Fund Management Inc. Sells 1,583 Shares of Cummins Inc. (NYSE:CMI)

Patton Fund Management Inc. lessened its position in shares of Cummins Inc. (NYSE:CMI) by 13.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,461 shares of the company’s stock after selling 1,583 shares during the period. Patton Fund Management Inc.’s holdings in Cummins were worth $3,647,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. PFG Investments LLC increased its holdings in shares of Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares during the period. Mariner Investment Group LLC bought a new position in Cummins in the 4th quarter worth about $1,046,000. CWM LLC raised its holdings in shares of Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after acquiring an additional 1,786 shares in the last quarter. Alpha DNA Investment Management LLC bought a new stake in shares of Cummins during the 3rd quarter valued at about $748,000. Finally, Franklin Resources Inc. grew its holdings in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 0.5 %

Shares of NYSE CMI opened at $350.59 on Wednesday. The firm has a fifty day simple moving average of $363.40 and a two-hundred day simple moving average of $332.55. The firm has a market capitalization of $48.09 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12 month low of $236.00 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 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 up .3% compared to the same quarter last year. During the same quarter last year, the business posted $4.73 EPS. Equities analysts expect that Cummins Inc. will post 21.92 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Truist Financial lifted their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird lifted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and increased their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $374.25.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,456,419.29. The trade was a 8.77 % 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 hyperlink. In the last 90 days, insiders have sold 6,489 shares of company stock worth $2,357,531. Corporate 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.