First Pacific Financial Reduces Stake in Cummins Inc. (NYSE:CMI)

First Pacific Financial cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,945 shares of the company’s stock after selling 106 shares during the period. First Pacific Financial’s holdings in Cummins were worth $1,375,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Prospera Private Wealth LLC bought a new stake in Cummins in the third quarter valued at $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins in the 3rd quarter worth about $34,000. Friedenthal Financial bought a new stake in shares of Cummins during the 4th quarter valued at about $55,000. Ashton Thomas Securities LLC purchased a new position in shares of Cummins during the third quarter valued at about $55,000. Finally, Bangor Savings Bank raised its stake in Cummins by 24.6% in the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after buying an additional 35 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, Bank of America upgraded 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 note on Tuesday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $374.25.

Cummins Stock Up 1.6 %

Shares of Cummins stock opened at $366.55 on Friday. The company has a 50-day simple moving average of $362.91 and a two-hundred day simple moving average of $326.45. The stock has a market capitalization of $50.28 billion, a PE ratio of 24.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. Cummins Inc. has a 52-week low of $226.52 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

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

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

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.