Cummins Inc. (NYSE:CMI) Shares Sold by Thrive Wealth Management LLC

Thrive Wealth Management LLC cut its position in Cummins Inc. (NYSE:CMI) by 7.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,527 shares of the company’s stock after selling 118 shares during the quarter. Thrive Wealth Management LLC’s holdings in Cummins were worth $532,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new stake in shares of Cummins in the third quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the 3rd quarter worth $34,000. Ashton Thomas Securities LLC acquired a new stake in Cummins during the 3rd quarter worth $55,000. Friedenthal Financial purchased a new position in Cummins during the 4th quarter worth $55,000. Finally, Bangor Savings Bank increased its stake in Cummins by 24.6% in the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock valued at $62,000 after purchasing an additional 35 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Jefferies Financial Group raised their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Truist Financial upped their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Finally, Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Eight 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 has a consensus rating of “Hold” and a consensus target price of $374.25.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Down 0.1 %

Shares of NYSE CMI opened at $365.98 on Monday. The stock has a market capitalization of $50.21 billion, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $387.90. The firm has a 50-day moving average price of $363.33 and a 200 day moving average price of $327.80. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the firm earned $4.73 EPS. Equities research analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

About Cummins

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.