Principle Wealth Partners LLC Lowers Stake in Cummins Inc. (NYSE:CMI)

Principle Wealth Partners LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,947 shares of the company’s stock after selling 330 shares during the quarter. Principle Wealth Partners LLC’s holdings in Cummins were worth $5,908,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. Global Trust Asset Management LLC lifted its stake in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. Compass Financial Services Inc purchased a new stake in shares of Cummins during the 4th quarter valued at about $27,000. Prospera Private Wealth LLC acquired a new position in Cummins during the 3rd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Cummins in the 3rd quarter worth approximately $34,000. Finally, Friedenthal Financial acquired a new stake in Cummins in the fourth quarter valued at approximately $55,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of CMI opened at $373.98 on Tuesday. The stock has a market capitalization of $51.30 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00. The business’s fifty day moving average price is $361.82 and its 200 day moving average price is $336.52. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. Cummins Inc. has a 12-month low of $250.90 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period last year, the firm posted $4.14 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 22.57 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on CMI. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $383.08.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 4,327 shares of company stock worth $1,582,821 over the last ninety days. Company insiders own 0.56% of the company’s stock.

About Cummins

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.