Empowered Funds LLC Grows Position in Cummins Inc. (NYSE:CMI)

Empowered Funds LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,336 shares of the company’s stock after purchasing an additional 719 shares during the quarter. Empowered Funds LLC’s holdings in Cummins were worth $8,832,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Global Trust Asset Management LLC lifted its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins during the 3rd quarter worth $34,000. Ashton Thomas Securities LLC purchased a new position in Cummins in the third quarter worth $55,000. Finally, Friedenthal Financial bought a new position in Cummins in the fourth quarter valued at $55,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the stock 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 increased their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Robert W. Baird increased their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $383.08.

Cummins Price Performance

CMI stock opened at $372.12 on Monday. The stock has a market capitalization of $51.05 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 2.10 and a beta of 1.00. The firm’s 50-day moving average price is $361.82 and its two-hundred day moving average price is $336.13. The company has a current ratio of 1.31, a quick ratio of 0.79 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $247.53 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the business earned $4.14 EPS. Cummins’s revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 22.57 earnings per share for the current year.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 4,327 shares of company stock worth $1,582,821 over the last quarter. 0.56% of the stock is owned by corporate insiders.

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.