Cummins Inc. $CMI Shares Sold by Peterson Wealth Services

Peterson Wealth Services decreased its holdings in Cummins Inc. (NYSE:CMI) by 67.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,101 shares of the company’s stock after selling 2,302 shares during the quarter. Peterson Wealth Services’ holdings in Cummins were worth $465,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of CMI. Stock Yards Bank & Trust Co. raised its position in shares of Cummins by 0.4% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after buying an additional 24 shares in the last quarter. Whittier Trust Co. increased its stake in shares of Cummins by 0.9% during the third quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock valued at $1,154,000 after acquiring an additional 24 shares during the period. Howard Capital Management Inc. raised its holdings in Cummins by 2.9% during the third quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock worth $365,000 after purchasing an additional 24 shares in the last quarter. BNP Paribas lifted its position in Cummins by 1.8% in the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after purchasing an additional 25 shares during the period. Finally, Bridges Investment Management Inc. lifted its position in Cummins by 3.2% in the third quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock worth $357,000 after purchasing an additional 26 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. This represents a 29.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 19,130 shares of company stock worth $9,045,544 in the last 90 days. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CMI. Citigroup boosted their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Wells Fargo & Company raised their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. UBS Group raised shares of Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. Finally, Barclays increased their target price on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $522.07.

Cummins Price Performance

CMI stock opened at $594.46 on Tuesday. Cummins Inc. has a one year low of $260.02 and a one year high of $595.25. The firm has a 50-day moving average of $534.21 and a two-hundred day moving average of $456.28. The firm has a market capitalization of $82.06 billion, a PE ratio of 30.85, a P/E/G ratio of 2.03 and a beta of 1.13. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the previous year, the business earned $5.86 earnings per share. The firm’s revenue was down 1.6% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.