Parsons Capital Management Inc. RI Decreases Stock Position in Cummins Inc. (NYSE:CMI)

Parsons Capital Management Inc. RI lowered its position in shares of Cummins Inc. (NYSE:CMI) by 0.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,107 shares of the company’s stock after selling 60 shares during the period. Parsons Capital Management Inc. RI’s holdings in Cummins were worth $5,615,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Global Trust Asset Management LLC lifted its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the third quarter worth about $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Cummins in the third quarter valued at about $34,000. Ashton Thomas Securities LLC acquired a new stake in Cummins during the 3rd quarter valued at approximately $55,000. Finally, Friedenthal Financial purchased a new stake in Cummins during the 4th quarter worth approximately $55,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 0.4 %

Shares of CMI stock opened at $367.45 on Monday. The firm has a market capitalization of $50.41 billion, a PE ratio of 24.27, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 1 year low of $236.00 and a 1 year high of $387.90. The stock has a fifty day moving average of $363.94 and a two-hundred day moving average of $331.60.

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

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Evercore ISI upgraded 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 research note on Wednesday, November 13th. Truist Financial lifted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. The Goldman Sachs Group upped their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $374.25.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

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.