Cummins Inc. (NYSE:CMI) Shares Acquired by Perigon Wealth Management LLC

Perigon Wealth Management LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 566.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,546 shares of the company’s stock after buying an additional 5,564 shares during the period. Perigon Wealth Management LLC’s holdings in Cummins were worth $2,398,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Ascent Group LLC raised its stake in Cummins by 6.8% during the second quarter. Ascent Group LLC now owns 1,280 shares of the company’s stock worth $354,000 after purchasing an additional 82 shares during the period. NewEdge Advisors LLC raised its position in shares of Cummins by 442.9% during the 2nd quarter. NewEdge Advisors LLC now owns 22,080 shares of the company’s stock valued at $6,115,000 after buying an additional 18,013 shares during the period. Quarry LP acquired a new position in Cummins in the second quarter valued at approximately $88,000. EP Wealth Advisors LLC grew its position in Cummins by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after acquiring an additional 35 shares during the period. Finally, Cetera Investment Advisers increased its stake in Cummins by 3.4% during the second quarter. Cetera Investment Advisers now owns 56,934 shares of the company’s stock worth $15,767,000 after acquiring an additional 1,888 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CMI shares. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Robert W. Baird upped their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Jefferies Financial Group increased their price objective 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. Finally, Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $374.25.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 6,490 shares of company stock valued at $2,357,880. 0.56% of the stock is currently owned by insiders.

Cummins Stock Up 1.2 %

Shares of NYSE CMI opened at $354.31 on Thursday. The business has a 50-day moving average of $363.40 and a two-hundred day moving average of $332.55. The company has a market capitalization of $48.60 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth 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.

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

Cummins 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.