Cummins Inc. (NYSE:CMI) Holdings Lowered by Meritage Portfolio Management

Meritage Portfolio Management cut its stake in Cummins Inc. (NYSE:CMI) by 7.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,395 shares of the company’s stock after selling 854 shares during the period. Meritage Portfolio Management’s holdings in Cummins were worth $3,972,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CMI. Czech National Bank raised its stake in shares of Cummins by 7.1% in the 3rd quarter. Czech National Bank now owns 27,918 shares of the company’s stock worth $9,040,000 after buying an additional 1,854 shares in the last quarter. GAMMA Investing LLC raised its position in Cummins by 37.3% in the third quarter. GAMMA Investing LLC now owns 2,372 shares of the company’s stock worth $768,000 after acquiring an additional 644 shares in the last quarter. SignalPoint Asset Management LLC acquired a new stake in Cummins in the 3rd quarter valued at about $201,000. Atomi Financial Group Inc. boosted its position in shares of Cummins by 9.1% during the 3rd quarter. Atomi Financial Group Inc. now owns 1,338 shares of the company’s stock valued at $433,000 after purchasing an additional 112 shares in the last quarter. Finally, City Holding Co. grew its stake in shares of Cummins by 0.7% in the 3rd quarter. City Holding Co. now owns 16,880 shares of the company’s stock worth $5,465,000 after purchasing an additional 125 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Up 4.5 %

Cummins stock opened at $363.97 on Wednesday. The firm’s 50 day moving average price is $361.94 and its two-hundred day moving average price is $334.73. The firm has a market cap of $49.93 billion, a PE ratio of 24.04, a P/E/G ratio of 1.64 and a beta of 1.00. Cummins Inc. has a twelve month low of $236.00 and a twelve month high of $387.90. 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 (NYSE:CMI) last posted 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. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the business posted $4.14 earnings per share. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 20.62 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CMI has been the subject of several recent research reports. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Robert W. Baird increased 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. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. The Goldman Sachs Group upped their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, Citigroup dropped their price target on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $380.17.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 6,490 shares of company stock worth $2,357,880 in the last three months. 0.56% of the stock is owned by 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.