Cummins Inc. (NYSE:CMI) Shares Sold by Novare Capital Management LLC

Novare Capital Management LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 38,031 shares of the company’s stock after selling 1,409 shares during the period. Cummins accounts for about 1.1% of Novare Capital Management LLC’s portfolio, making the stock its 26th largest holding. Novare Capital Management LLC’s holdings in Cummins were worth $13,258,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its holdings in shares of Cummins by 158.8% in the 2nd quarter. Marshall Wace LLP now owns 54,289 shares of the company’s stock worth $15,034,000 after acquiring an additional 33,314 shares during the last quarter. MBB Public Markets I LLC purchased a new stake in Cummins in the second quarter valued at approximately $2,797,000. Legal & General Group Plc raised its position in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after purchasing an additional 31,190 shares during the period. Susquehanna Fundamental Investments LLC lifted its stake in Cummins by 21.1% during the second quarter. Susquehanna Fundamental Investments LLC now owns 106,537 shares of the company’s stock worth $29,503,000 after purchasing an additional 18,565 shares in the last quarter. Finally, SkyView Investment Advisors LLC boosted its position in shares of Cummins by 12.7% during the second quarter. SkyView Investment Advisors LLC now owns 5,132 shares of the company’s stock worth $1,421,000 after buying an additional 577 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 6,489 shares of company stock valued at $2,357,531 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CMI shares. Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Robert W. Baird increased their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 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 note on Wednesday, November 6th. Truist Financial raised their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Finally, The Goldman Sachs Group increased their price objective on 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 issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $374.25.

Cummins Price Performance

Shares of CMI opened at $367.45 on Friday. Cummins Inc. has a 1-year low of $236.00 and a 1-year 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 firm has a fifty day moving average price of $363.94 and a 200 day moving average price of $330.77. The stock has a market cap 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.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business 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%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $4.73 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 21.92 EPS for the current year.

Cummins 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.