Cumberland Advisors Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,900 shares of the company’s stock after acquiring an additional 300 shares during the quarter. Cumberland Advisors Inc.’s holdings in Cummins were worth $1,563,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of CMI. Donaldson Capital Management LLC boosted its position in shares of Cummins by 12.4% in the first quarter. Donaldson Capital Management LLC now owns 181,297 shares of the company’s stock valued at $28,621,000 after acquiring an additional 20,047 shares during the period. Trinity Legacy Partners LLC purchased a new stake in Cummins in the fourth quarter valued at approximately $1,596,000. Atwater Malick LLC purchased a new stake in Cummins in the fourth quarter valued at approximately $3,061,000. Pinnacle Bank purchased a new stake in Cummins in the fourth quarter valued at approximately $96,000. Finally, Belpointe Asset Management LLC purchased a new stake in Cummins in the fourth quarter valued at approximately $403,000. 82.08% of the stock is currently owned by institutional investors.
Several research analysts have commented on the stock. Buckingham Research lifted their price target on shares of Cummins from $160.00 to $172.00 and gave the stock a “neutral” rating in a research note on Tuesday. Citigroup upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the company from $155.00 to $190.00 in a report on Tuesday. Piper Jaffray Companies set a $195.00 target price on shares of Cummins and gave the company a “buy” rating in a report on Thursday, April 4th. ValuEngine upgraded shares of Cummins from a “sell” rating to a “hold” rating in a report on Friday, February 15th. Finally, Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, February 12th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $163.19.
Cummins (NYSE:CMI) last released its earnings results on Wednesday, February 6th. The company reported $3.48 earnings per share for the quarter, missing analysts’ consensus estimates of $3.81 by ($0.33). The business had revenue of $6.13 billion during the quarter, compared to analysts’ expectations of $6.08 billion. Cummins had a return on equity of 29.71% and a net margin of 9.01%. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.03 EPS. Equities analysts forecast that Cummins Inc. will post 15.47 EPS for the current year.
In related news, COO Richard Joseph Freeland sold 4,500 shares of Cummins stock in a transaction that occurred on Friday, January 18th. The stock was sold at an average price of $150.00, for a total transaction of $675,000.00. Following the completion of the transaction, the chief operating officer now directly owns 4,500 shares in the company, valued at $675,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alexis M. Herman sold 423 shares of Cummins stock in a transaction that occurred on Tuesday, February 12th. The shares were sold at an average price of $150.12, for a total value of $63,500.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,816 shares of company stock valued at $1,039,321. Company insiders own 0.95% of the company’s stock.
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Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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