JGP Wealth Management LLC Has $1.30 Million Position in Cummins Inc. (NYSE:CMI)

JGP Wealth Management LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 1.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,732 shares of the company’s stock after selling 41 shares during the period. JGP Wealth Management LLC’s holdings in Cummins were worth $1,301,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Chicago Capital LLC raised its holdings 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 in 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 worth $298,000 after buying an additional 32 shares during the last quarter. EP Wealth Advisors LLC raised its holdings in Cummins by 1.9% during the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after buying an additional 35 shares in the last quarter. Bangor Savings Bank lifted its position in shares of 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 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 acquiring an additional 36 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CMI. Citigroup cut their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Truist Financial upped their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus price target of $374.25.

Cummins Stock Up 1.6 %

NYSE CMI opened at $366.55 on Friday. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The stock has a market cap of $50.28 billion, a PE ratio of 24.21, a PEG ratio of 1.61 and a beta of 1.01. The firm has a 50-day simple moving average of $362.91 and a 200 day simple moving average of $326.45. 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 EPS 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 the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $4.73 EPS. On average, research analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of Cummins 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 directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

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.