1,247 Shares in Cummins Inc. $CMI Bought by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC acquired a new stake in Cummins Inc. (NYSE:CMI) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 1,247 shares of the company’s stock, valued at approximately $541,000.

Several other hedge funds have also recently bought and sold shares of the business. Salomon & Ludwin LLC boosted its position in Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares during the period. Tripletail Wealth Management LLC acquired a new position in shares of Cummins during the third quarter worth about $39,000. Osterweis Capital Management Inc. purchased a new stake in shares of Cummins in the second quarter worth about $31,000. SJS Investment Consulting Inc. grew its stake in shares of Cummins by 1,414.3% in the third quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock valued at $45,000 after buying an additional 99 shares in the last quarter. Finally, Financial Consulate Inc. purchased a new stake in shares of Cummins during the 3rd quarter valued at about $45,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.2%

CMI opened at $582.97 on Friday. The stock’s 50 day moving average price is $518.77 and its 200 day moving average price is $442.97. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. The stock has a market cap of $80.47 billion, a P/E ratio of 30.25, a P/E/G ratio of 2.04 and a beta of 1.12. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $587.55.

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, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. During the same quarter in the prior year, the business posted $5.86 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CMI. Raymond James Financial raised shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target for the company in a report on Monday, December 22nd. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Truist Financial lifted their target price on Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. JPMorgan Chase & Co. increased their price target on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Wells Fargo & Company began coverage on Cummins in a research note on Thursday, November 13th. They set an “overweight” rating and a $599.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $514.00.

Insider Buying and Selling at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the sale, the insider directly owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 19,330 shares of company stock valued at $9,135,364. Company insiders own 0.41% of the company’s stock.

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.