Daymark Wealth Partners LLC Reduces Position in Cummins Inc. (NYSE:CMI)

Daymark Wealth Partners LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,894 shares of the company’s stock after selling 167 shares during the period. Daymark Wealth Partners LLC’s holdings in Cummins were worth $2,403,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Bank of Montreal Can grew its stake in Cummins by 18.6% during the 2nd quarter. Bank of Montreal Can now owns 323,218 shares of the company’s stock valued at $92,020,000 after purchasing an additional 50,762 shares during the last quarter. Marshall Wace LLP boosted its position in Cummins by 158.8% in the second quarter. Marshall Wace LLP now owns 54,289 shares of the company’s stock valued at $15,034,000 after buying an additional 33,314 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Cummins by 54.8% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 26,199 shares of the company’s stock worth $7,255,000 after buying an additional 9,276 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its position in Cummins by 452.8% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,731 shares of the company’s stock worth $756,000 after buying an additional 2,237 shares during the last quarter. Finally, AXA S.A. lifted its stake in Cummins by 247.5% during the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after acquiring an additional 163,129 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Robert W. Baird raised their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Jefferies Financial Group lifted their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. 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 company. According to data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $374.25.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 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

Shares of NYSE CMI opened at $365.76 on Thursday. 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 firm has a fifty day moving average of $363.73 and a 200 day moving average of $329.56. The firm has a market cap of $50.17 billion, a PE ratio of 24.16, a PEG ratio of 1.69 and a beta of 1.01. Cummins Inc. has a one year low of $234.04 and a one 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, research analysts predict that Cummins Inc. will post 21.92 EPS for the current fiscal year.

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.