Cummins Inc. (NYSE:CMI) Position Trimmed by Stoneridge Investment Partners LLC

Stoneridge Investment Partners LLC trimmed its stake in Cummins Inc. (NYSE:CMI) by 57.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,877 shares of the company’s stock after selling 2,496 shares during the quarter. Stoneridge Investment Partners LLC’s holdings in Cummins were worth $654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Atomi Financial Group Inc. grew its holdings in shares of Cummins by 9.1% during the 3rd quarter. Atomi Financial Group Inc. now owns 1,338 shares of the company’s stock valued at $433,000 after acquiring an additional 112 shares in the last quarter. CWM LLC boosted its position in Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Wedmont Private Capital grew its stake in Cummins by 8.3% in the third quarter. Wedmont Private Capital now owns 1,330 shares of the company’s stock valued at $441,000 after purchasing an additional 102 shares in the last quarter. Independence Bank of Kentucky increased its position in Cummins by 1,617.2% in the 3rd quarter. Independence Bank of Kentucky now owns 2,490 shares of the company’s stock worth $806,000 after purchasing an additional 2,345 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Cummins by 26.8% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 39,240 shares of the company’s stock worth $12,693,000 after purchasing an additional 8,300 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 0.8 %

CMI stock opened at $372.12 on Friday. Cummins Inc. has a 1-year low of $247.53 and a 1-year high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.79 and a debt-to-equity ratio of 0.42. The business’s 50 day moving average is $361.82 and its 200-day moving average is $335.77. The firm has a market cap of $51.05 billion, a P/E ratio of 13.21, a P/E/G ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period last year, the business earned $4.14 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. Equities analysts anticipate that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CMI. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday. Jefferies Financial Group lifted their price objective 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. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Finally, Citigroup cut their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus target price of $383.08.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 6,328 shares of company stock valued at $2,300,040. 0.56% of the stock is currently owned by 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.