Carnegie Investment Counsel Acquires 1,257 Shares of Cummins Inc. (NYSE:CMI)

Carnegie Investment Counsel grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,762 shares of the company’s stock after buying an additional 1,257 shares during the quarter. Carnegie Investment Counsel’s holdings in Cummins were worth $7,046,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CMI. Cultivar Capital Inc. bought a new position in Cummins in the second quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins in the second quarter worth approximately $28,000. Lynx Investment Advisory bought a new position in Cummins in the second quarter worth approximately $29,000. LRI Investments LLC bought a new position in Cummins in the first quarter worth approximately $31,000. Finally, Bangor Savings Bank grew its stake in Cummins by 39.2% in the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Robert W. Baird increased their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Raymond James assumed coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial increased their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, Citigroup increased their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $311.55.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $336.07 on Monday. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $337.60. The firm has a market capitalization of $45.97 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The stock’s 50-day simple moving average is $308.33 and its 200-day simple moving average is $293.44.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same quarter in the previous year, the firm earned $5.18 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

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.