FSM Wealth Advisors LLC Reduces Position in Cummins Inc. (NYSE:CMI)

FSM Wealth Advisors LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 8.4% during the fourth quarter, HoldingsChannel reports. The firm owned 576 shares of the company’s stock after selling 53 shares during the period. FSM Wealth Advisors LLC’s holdings in Cummins were worth $211,000 at the end of the most recent reporting period.

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

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction on Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,456,419.29. This trade represents a 8.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 6,490 shares of company stock worth $2,357,880. Company insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $348.16 on Tuesday. 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 cap of $47.76 billion, a P/E ratio of 23.00, a P/E/G ratio of 1.64 and a beta of 1.00. The stock has a 50 day moving average of $362.75 and a two-hundred day moving average of $333.86. Cummins Inc. has a twelve month low of $236.00 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $8.29 billion. During the same period last year, the firm posted $4.73 EPS. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 20.62 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Robert W. Baird boosted their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Eight research 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 company. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $374.25.

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.