Richard P Slaughter Associates Inc Sells 253 Shares of Cummins Inc. (NYSE:CMI)

Richard P Slaughter Associates Inc lowered its stake in Cummins Inc. (NYSE:CMI) by 4.4% in the 4th quarter, HoldingsChannel reports. The fund owned 5,552 shares of the company’s stock after selling 253 shares during the period. Richard P Slaughter Associates Inc’s holdings in Cummins were worth $1,935,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Chicago Capital LLC increased its position in shares of Cummins by 0.9% during the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the last quarter. Equitable Trust Co. increased its position in Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after acquiring an additional 32 shares during the last quarter. EP Wealth Advisors LLC raised its stake in shares of Cummins by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after acquiring an additional 35 shares during the period. Bangor Savings Bank lifted its holdings in shares of Cummins by 24.6% in the 4th quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after acquiring an additional 35 shares during the last quarter. Finally, Graypoint LLC boosted its stake in shares of Cummins by 2.0% during the 4th quarter. Graypoint LLC now owns 1,874 shares of the company’s stock worth $653,000 after purchasing an additional 36 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 0.8 %

Shares of NYSE CMI opened at $364.06 on Wednesday. The stock has a market capitalization of $49.94 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 1.78 and a beta of 0.99. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12-month low of $226.52 and a 12-month high of $387.90. The stock’s fifty day simple moving average is $362.81 and its two-hundred day simple moving average is $326.21.

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

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the company’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 transaction, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on CMI. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday. Jefferies Financial Group raised their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Truist Financial increased their target price on Cummins from $369.00 to $424.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $374.17.

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.