MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Trims Stake in Cummins Inc. (NYSE:CMI)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lessened its stake in Cummins Inc. (NYSE:CMI) by 30.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,324 shares of the company’s stock after selling 1,927 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in Cummins were worth $1,507,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC grew its position in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the period. Capital Planning Advisors LLC acquired a new stake in shares of Cummins during the 4th quarter valued at about $213,000. Wesbanco Bank Inc. increased its stake in shares of Cummins by 5.4% in the 4th quarter. Wesbanco Bank Inc. now owns 2,106 shares of the company’s stock valued at $734,000 after purchasing an additional 108 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Cummins by 9.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 42,985 shares of the company’s stock worth $14,985,000 after purchasing an additional 3,790 shares during the period. Finally, Global Trust Asset Management LLC raised its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.9 %

Shares of NYSE CMI opened at $369.32 on Friday. The stock has a fifty day simple moving average of $363.72 and a 200-day simple moving average of $329.82. Cummins Inc. has a twelve month low of $234.49 and a twelve month high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $50.66 billion, a PE ratio of 24.39, a PEG ratio of 1.69 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the firm earned $4.73 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post 21.92 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 6,489 shares of company stock valued at $2,357,531 in the last three months. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday. The Goldman Sachs Group boosted their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Truist Financial raised their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Citigroup lowered their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Robert W. Baird increased their target price on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $374.25.

About Cummins

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.