Sanibel Captiva Trust Company Inc. Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

Sanibel Captiva Trust Company Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 3.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,419 shares of the company’s stock after selling 2,162 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Cummins were worth $21,411,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CMI. Pathway Financial Advisers LLC raised its stake in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after buying an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC increased its holdings in Cummins by 38,765.8% in the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after buying an additional 972,247 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares during the period. AXA S.A. grew its position in shares of Cummins by 247.5% during the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after acquiring an additional 163,129 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Cummins by 31.0% in the 2nd quarter. AQR Capital Management LLC now owns 616,876 shares of the company’s stock worth $170,831,000 after purchasing an additional 145,921 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. Robert W. Baird upped their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Truist Financial raised their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday. 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 note on Monday, December 9th. Finally, StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $374.25.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last quarter. 0.56% of the stock is currently owned by insiders.

Cummins Price Performance

Cummins stock opened at $365.98 on Friday. The stock has a market cap of $50.21 billion, a P/E ratio of 24.17, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. The company has a fifty day simple moving average of $363.14 and a 200-day simple moving average of $326.73. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12-month low of $226.52 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the company posted $4.73 earnings per share. The firm’s revenue was up .3% compared to the same quarter last year. Equities analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

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.