Advocate Group LLC Lowers Holdings in Cummins Inc. (NYSE:CMI)

Advocate Group LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 2.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,605 shares of the company’s stock after selling 546 shares during the quarter. Cummins accounts for 1.5% of Advocate Group LLC’s investment portfolio, making the stock its 28th biggest position. Advocate Group LLC’s holdings in Cummins were worth $7,880,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in CMI. 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. Chicago Capital LLC raised its position in Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the period. Equitable Trust Co. lifted its stake in shares of Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after purchasing an additional 32 shares during the last quarter. EP Wealth Advisors LLC boosted its holdings in shares of Cummins by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares during the period. Finally, Bangor Savings Bank increased its position in shares of Cummins by 24.6% during the 4th 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 last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on CMI. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Robert W. Baird upped their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $374.25.

Insider Buying and Selling at Cummins

In other 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 value of $798,406.56. Following the sale, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last quarter. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $367.45 on Friday. The company has a market cap of $50.41 billion, a PE ratio of 24.27, a P/E/G ratio of 1.69 and a beta of 1.01. The firm’s 50 day moving average price is $363.94 and its 200-day moving average price is $330.77. 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 52-week low of $236.00 and a 52-week high of $387.90.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the firm earned $4.73 EPS. Sell-side analysts forecast that Cummins Inc. will post 21.92 EPS for the current fiscal 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.