JGP Wealth Management LLC Lowers Holdings in Cummins Inc. (NYSE:CMI)

JGP Wealth Management LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 4.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,773 shares of the company’s stock after selling 192 shares during the period. JGP Wealth Management LLC’s holdings in Cummins were worth $1,222,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Beacon Financial Group grew its holdings in Cummins by 7.0% during the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after acquiring an additional 126 shares in the last quarter. Distillate Capital Partners LLC lifted its holdings in Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after buying an additional 59,027 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of Cummins in the 2nd quarter valued at $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after acquiring an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP lifted its stake in shares of Cummins by 190.3% during the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after purchasing an additional 12,087 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of NYSE:CMI traded up $2.78 during trading on Friday, hitting $335.63. The stock had a trading volume of 122,715 shares, compared to its average volume of 1,584,413. The stock has a 50-day simple moving average of $307.42 and a two-hundred day simple moving average of $293.10. The stock has a market capitalization of $46.00 billion, a price-to-earnings ratio of 24.00, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $337.60. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion during 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 business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $5.18 EPS. On average, equities research analysts expect that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on CMI. Robert W. Baird increased their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised their target price on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday. Raymond James started coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Evercore ISI raised their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $311.55.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was 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 $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 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.