Cummins Inc. (NYSE:CMI) Holdings Trimmed by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its holdings in Cummins Inc. (NYSE:CMI) by 17.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 15,643 shares of the company’s stock after selling 3,243 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cummins were worth $5,453,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Global Trust Asset Management LLC raised its holdings in shares of 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 purchasing an additional 28 shares in the last quarter. KG&L Capital Management LLC increased its holdings in shares of Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after buying an additional 28 shares in the last quarter. Chicago Capital LLC lifted its position in shares of Cummins by 0.9% during the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after acquiring an additional 30 shares during the last quarter. Massachusetts Wealth Management boosted its stake in shares of Cummins by 0.6% during 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. raised its position in shares of Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after purchasing an additional 32 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 6,328 shares of company stock valued at $2,300,040 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Cummins Price Performance

CMI opened at $372.12 on Friday. The stock has a fifty day moving average price of $361.89 and a 200 day moving average price of $335.21. 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 1 year low of $247.53 and a 1 year high of $387.90. The stock has a market cap of $51.05 billion, a price-to-earnings ratio of 24.58, a PEG ratio of 1.64 and a beta of 1.00.

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 the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the company earned $4.14 EPS. The firm’s revenue was down 1.1% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 20.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of recent analyst reports. Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Hold” and a consensus target price of $383.08.

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.