First Affirmative Financial Network Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

First Affirmative Financial Network trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 15.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 795 shares of the company’s stock after selling 141 shares during the quarter. First Affirmative Financial Network’s holdings in Cummins were worth $277,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CMI. Pathway Financial Advisers LLC lifted its position in shares of Cummins by 31,489.1% during the third 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 shares of Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares in the last quarter. State Street Corp increased its holdings in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Finally, abrdn plc increased its holdings in shares of Cummins by 22.5% during the third quarter. abrdn plc now owns 611,810 shares of the company’s stock valued at $198,119,000 after acquiring an additional 112,529 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. The Goldman Sachs Group upped their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $374.25.

Cummins Stock Performance

Shares of NYSE:CMI opened at $359.81 on Friday. The firm has a market capitalization of $49.36 billion, a PE ratio of 23.77, a P/E/G ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 12 month low of $236.00 and a 12 month high of $387.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a 50-day moving average of $363.27 and a two-hundred day moving average of $332.70.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.73 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 21.92 earnings per share for the current year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 6,490 shares of company stock worth $2,357,880. 0.56% of the stock is currently owned by corporate insiders.

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.