Cullen Investment Group LTD. Sells 154 Shares of Cummins Inc. (NYSE:CMI)

Cullen Investment Group LTD. cut its position in shares of Cummins Inc. (NYSE:CMI) by 0.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 16,611 shares of the company’s stock after selling 154 shares during the period. Cullen Investment Group LTD.’s holdings in Cummins were worth $5,791,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Prospera Private Wealth LLC bought a new position in Cummins in the third quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in Cummins in the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC bought a new position in Cummins in the third quarter valued at approximately $55,000. Friedenthal Financial bought a new position in Cummins in the fourth quarter valued at approximately $55,000. Finally, Bangor Savings Bank grew its stake in Cummins by 24.6% in the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock valued at $62,000 after purchasing an additional 35 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Robert W. Baird raised their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cummins has an average rating of “Hold” and a consensus target price of $363.50.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $360.80 on Tuesday. The stock has a market capitalization of $49.49 billion, a PE ratio of 23.83, a P/E/G ratio of 1.78 and a beta of 0.99. 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 fifty day moving average price of $362.62 and a two-hundred day moving average price of $325.60. Cummins Inc. has a fifty-two week low of $226.52 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating 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 firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the firm earned $4.73 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 20.75 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.