Precedent Wealth Partners LLC Has $1.63 Million Stake in Cummins Inc. (NYSE:CMI)

Precedent Wealth Partners LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,675 shares of the company’s stock after purchasing an additional 136 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Cummins were worth $1,630,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pathway Financial Advisers LLC increased its stake in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after buying an additional 972,247 shares during the period. Fisher Asset Management LLC raised its stake in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares during the period. State Street Corp grew its stake in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares during the period. Finally, abrdn plc increased its holdings in shares of Cummins by 22.5% during the third quarter. abrdn plc now owns 611,810 shares of the company’s stock valued at $198,119,000 after acquiring an additional 112,529 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CMI shares. JPMorgan Chase & Co. upgraded shares of 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 report on Monday, December 9th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight research 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last quarter. Company insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $367.45 on Friday. 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 fifty day simple moving average of $363.94 and a two-hundred day simple moving average of $330.77. Cummins Inc. has a 1-year low of $236.00 and a 1-year high of $387.90. The firm has a market cap of $50.41 billion, a price-to-earnings ratio of 24.27, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01.

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

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.