Applied Capital LLC FL Cuts Position in Cummins Inc. (NYSE:CMI)

Applied Capital LLC FL lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,525 shares of the company’s stock after selling 49 shares during the quarter. Cummins makes up 1.8% of Applied Capital LLC FL’s holdings, making the stock its 18th largest position. Applied Capital LLC FL’s holdings in Cummins were worth $2,275,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Pathway Financial Advisers LLC raised its position in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC increased its stake in Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after buying an additional 972,247 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares during the last quarter. State Street Corp lifted its position in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Finally, abrdn plc boosted its stake in shares of Cummins by 22.5% in the third quarter. abrdn plc now owns 611,810 shares of the company’s stock worth $198,119,000 after acquiring an additional 112,529 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 0.4 %

Shares of CMI opened at $367.45 on Friday. The company’s 50-day moving average price is $363.94 and its 200 day moving average price is $330.77. Cummins Inc. has a 12-month low of $236.00 and a 12-month high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a market cap of $50.41 billion, a P/E ratio of 24.27, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $4.73 EPS. On average, sell-side analysts forecast that Cummins Inc. will post 21.92 earnings per share for the current year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last ninety days. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of research reports. Robert W. Baird raised their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Citigroup dropped their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Eight 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 MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $374.25.

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.