Cummins Inc. (NYSE:CMI) Shares Sold by Lake Street Private Wealth LLC

Lake Street Private Wealth LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 12.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,130 shares of the company’s stock after selling 155 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Cummins were worth $394,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. PFG Investments LLC lifted its position in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after acquiring an additional 485 shares during the period. CWM LLC raised its stake in shares of Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC lifted its holdings in shares of Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares during the period. Alpha DNA Investment Management LLC purchased a new stake in Cummins in the third quarter valued at approximately $748,000. Finally, Franklin Resources Inc. increased its holdings in Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after buying an additional 99,464 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value 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. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last quarter. 0.56% of the stock is currently owned by insiders.

Cummins Price Performance

Cummins stock opened at $365.98 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company’s fifty day moving average price is $363.33 and its 200 day moving average price is $327.38. The stock has a market capitalization of $50.21 billion, a P/E ratio of 24.17, a P/E/G ratio of 1.61 and a beta of 1.01. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90.

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

Analyst Ratings Changes

Several analysts have recently commented on the stock. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. Robert W. Baird lifted their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. Finally, Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $374.25.

Cummins Company 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.