Nisa Investment Advisors LLC Grows Stock Position in Cummins Inc. (NYSE:CMI)

Nisa Investment Advisors LLC grew its stake in Cummins Inc. (NYSE:CMI) by 90.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 122,616 shares of the company’s stock after buying an additional 58,347 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Cummins were worth $42,744,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CMI. Prospera Private Wealth LLC acquired a new position in Cummins in the third quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins in the 3rd quarter valued at $34,000. Friedenthal Financial purchased a new stake in Cummins during the fourth quarter worth $55,000. Ashton Thomas Securities LLC purchased a new stake in Cummins during the third quarter worth $55,000. Finally, Bangor Savings Bank grew its position in Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock valued at $62,000 after buying an additional 35 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CMI shares. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Truist Financial upped their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, The Goldman Sachs Group lifted their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $374.25.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,456,419.29. This represents a 8.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 in the last three months. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Performance

NYSE:CMI opened at $367.18 on Wednesday. Cummins Inc. has a twelve month low of $229.50 and a twelve month high of $387.90. The company has a market cap of $50.37 billion, a P/E ratio of 24.25, a P/E/G ratio of 1.69 and a beta of 1.01. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company’s 50-day moving average price is $363.49 and its 200-day moving average price is $328.85.

Cummins (NYSE:CMI) last issued its earnings results 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 return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the firm posted $4.73 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 21.92 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.