Crews Bank & Trust Takes $418,000 Position in Cummins Inc. (NYSE:CMI)

Crews Bank & Trust purchased a new stake in Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,200 shares of the company’s stock, valued at approximately $418,000.

Several other hedge funds also recently made changes to their positions in the stock. Pathway Financial Advisers LLC boosted its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after buying an additional 2,523,854 shares during the period. International Assets Investment Management LLC boosted its stake in Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after buying an additional 972,247 shares during the period. Fisher Asset Management LLC boosted its stake in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares during the period. State Street Corp boosted its stake in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares during the period. Finally, abrdn plc boosted its stake in Cummins by 22.5% during the third quarter. abrdn plc now owns 611,810 shares of the company’s stock valued at $198,119,000 after buying an additional 112,529 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

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 transaction of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 6,490 shares of company stock valued at $2,357,880 in the last 90 days. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Finally, Citigroup dropped their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Eight investment 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 stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $374.25.

Cummins Trading Up 1.6 %

CMI opened at $359.81 on Friday. The business has a 50 day simple moving average of $363.27 and a two-hundred day simple moving average of $332.70. The firm has a market capitalization of $49.36 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 1.69 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a one year low of $236.00 and a one year high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.73 EPS. Analysts predict that Cummins Inc. will post 21.92 EPS 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.