Redwood Wealth Management Group LLC bought a new position in shares of Cummins Inc. (NYSE:CMI – Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 591 shares of the company’s stock, valued at approximately $206,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Global Trust Asset Management LLC lifted its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in Cummins during the 3rd quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins during the 3rd quarter worth $34,000. Ashton Thomas Securities LLC acquired a new position in Cummins during the 3rd quarter worth $55,000. Finally, Friedenthal Financial acquired a new position in Cummins during the 4th quarter worth $55,000. Institutional investors and hedge funds own 83.46% of the company’s stock.
Insiders Place Their Bets
In other news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 6,490 shares of company stock valued at $2,357,880. 0.56% of the stock is currently owned by insiders.
Cummins Price Performance
Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.14 earnings per share. On average, equities analysts predict that Cummins Inc. will post 20.62 earnings per share for the current fiscal year.
Analysts Set New Price Targets
CMI has been the subject of a number of research analyst reports. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Jefferies Financial Group upped their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. 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. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $374.25.
Read Our Latest Analysis on Cummins
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.
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