Cummins Inc. (NYSE:CMI) Shares Sold by Conning Inc.

Conning Inc. decreased its position in Cummins Inc. (NYSE:CMI) by 20.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 99,650 shares of the company’s stock after selling 25,098 shares during the quarter. Conning Inc. owned about 0.07% of Cummins worth $34,738,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC raised its stake in Cummins by 59.6% in the 4th 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 acquired a new position in Cummins in the 3rd quarter valued at about $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins in the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC acquired a new position in Cummins in the 3rd quarter valued at about $55,000. Finally, Friedenthal Financial acquired a new position in Cummins in the 4th quarter valued at about $55,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CMI. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Citigroup lowered their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Finally, StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cummins has an average rating of “Hold” and a consensus target price of $383.08.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 6,328 shares of company stock worth $2,300,040 in the last 90 days. 0.56% of the stock is owned by company insiders.

Cummins Stock Up 0.8 %

Shares of NYSE:CMI opened at $372.12 on Friday. 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 $247.53 and a 1 year high of $387.90. The stock has a market capitalization of $51.05 billion, a P/E ratio of 24.58, a PEG ratio of 1.64 and a beta of 1.00. The stock has a 50-day simple moving average of $361.89 and a 200-day simple moving average of $335.21.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.14 EPS. Equities analysts forecast that Cummins Inc. will post 20.62 earnings per share 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.