Cummins Inc. (NYSE:CMI) Stock Position Lifted by NovaPoint Capital LLC

NovaPoint Capital LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 2.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,098 shares of the company’s stock after acquiring an additional 272 shares during the quarter. Cummins accounts for 1.3% of NovaPoint Capital LLC’s portfolio, making the stock its 26th largest position. NovaPoint Capital LLC’s holdings in Cummins were worth $4,217,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Robertson Stephens Wealth Management LLC acquired a new stake in Cummins during the fourth quarter valued at $316,000. Choreo LLC raised its holdings in Cummins by 50.3% during the fourth quarter. Choreo LLC now owns 10,268 shares of the company’s stock valued at $3,578,000 after buying an additional 3,438 shares in the last quarter. Massachusetts Wealth Management raised its holdings in Cummins by 0.6% during the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after buying an additional 30 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Cummins by 54.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,051 shares of the company’s stock valued at $6,320,000 after buying an additional 6,350 shares in the last quarter. Finally, WT Asset Management Ltd bought a new position in Cummins during the fourth quarter valued at about $11,380,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, 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 SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 6,490 shares of company stock worth $2,357,880. Insiders own 0.56% of the company’s stock.

Cummins Stock Up 1.8 %

NYSE CMI opened at $370.03 on Thursday. The stock has a market cap of $50.76 billion, a PE ratio of 24.44, a P/E/G ratio of 1.64 and a beta of 1.00. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average price of $361.94 and a two-hundred day moving average price of $334.73. Cummins Inc. has a fifty-two week low of $236.00 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business earned $4.14 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 20.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CMI. Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Truist Financial increased their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Barclays increased their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Robert W. Baird lifted their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and an average price target of $383.08.

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.