Cascade Investment Advisors Inc. Has $2.48 Million Stock Position in Cummins Inc. (NYSE:CMI)

Cascade Investment Advisors Inc. lessened its holdings in Cummins Inc. (NYSE:CMI) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,099 shares of the company’s stock after selling 65 shares during the quarter. Cummins accounts for approximately 1.6% of Cascade Investment Advisors Inc.’s investment portfolio, making the stock its 12th biggest position. Cascade Investment Advisors Inc.’s holdings in Cummins were worth $2,475,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on CMI. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and upped their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Truist Financial increased their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Finally, The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Eight equities research 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, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $374.25.

Cummins Trading Down 5.3 %

Shares of Cummins stock opened at $348.27 on Tuesday. The firm has a market cap of $47.78 billion, a PE ratio of 23.00, a P/E/G ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 1 year low of $236.00 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The stock has a fifty day moving average price of $363.94 and a 200-day moving average price of $331.60.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the firm posted $4.73 EPS. Cummins’s revenue was up .3% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 21.92 EPS for the current year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 6,489 shares of company stock worth $2,357,531 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

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.