Merit Financial Group LLC Increases Position in Cummins Inc. (NYSE:CMI)

Merit Financial Group LLC boosted its position in Cummins Inc. (NYSE:CMI) by 177.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 12,835 shares of the company’s stock after acquiring an additional 8,209 shares during the period. Merit Financial Group LLC’s holdings in Cummins were worth $4,474,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CMI. Prospera Private Wealth LLC purchased a new stake in shares of Cummins in the third quarter valued at $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in Cummins in the 3rd quarter valued at about $34,000. Friedenthal Financial acquired a new position 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 3rd quarter worth about $55,000. Finally, Bangor Savings Bank grew its holdings in Cummins by 24.6% in the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock valued at $62,000 after purchasing an additional 35 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 6,489 shares of company stock worth $2,357,531 in the last three months. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday. Finally, The Goldman Sachs Group lifted their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Eight 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 an average rating of “Hold” and a consensus target price of $374.25.

Cummins Price Performance

Shares of CMI stock opened at $365.98 on Friday. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The company has a market capitalization of $50.21 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. 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 firm has a fifty day simple moving average of $363.33 and a 200-day simple moving average of $327.38.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating 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 period last year, the firm earned $4.73 earnings per share. The company’s revenue was up .3% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

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.