Plimoth Trust Co. LLC Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

Plimoth Trust Co. LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 2.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,358 shares of the company’s stock after selling 35 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Cummins were worth $473,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. PFG Investments LLC boosted its holdings in Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares in the last quarter. Mariner Investment Group LLC purchased a new stake in Cummins in the 4th quarter valued at approximately $1,046,000. CWM LLC boosted its holdings in Cummins by 17.4% in the 3rd 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 in the last quarter. Alpha DNA Investment Management LLC purchased a new stake in Cummins in the 3rd quarter valued at approximately $748,000. Finally, Franklin Resources Inc. boosted its holdings in Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMI. Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

Cummins Trading Up 1.6 %

Cummins stock traded up $5.71 during midday trading on Wednesday, reaching $355.98. The stock had a trading volume of 94,230 shares, compared to its average volume of 711,772. The stock has a market capitalization of $48.83 billion, a PE ratio of 23.54, 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. The stock’s 50-day simple moving average is $363.40 and its 200 day simple moving average is $332.55. Cummins Inc. has a twelve month low of $236.00 and a twelve month high of $387.90.

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. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the business earned $4.73 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. Analysts expect that Cummins Inc. will post 21.92 EPS for the current 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.