Montecito Bank & Trust Sells 94 Shares of Cummins Inc. (NYSE:CMI)

Montecito Bank & Trust trimmed its position in Cummins Inc. (NYSE:CMI) by 3.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,901 shares of the company’s stock after selling 94 shares during the quarter. Montecito Bank & Trust’s holdings in Cummins were worth $1,011,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CMI. Global Trust Asset Management LLC raised its stake in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the period. Prospera Private Wealth LLC bought a new stake in Cummins in the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the 3rd quarter valued at $34,000. Ashton Thomas Securities LLC bought a new position in Cummins during the third quarter worth $55,000. Finally, Friedenthal Financial acquired a new position in shares of Cummins in the fourth quarter valued at $55,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins 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 transaction, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

CMI stock opened at $369.32 on Friday. The company’s 50-day moving average price is $363.72 and its two-hundred day moving average price is $329.82. The firm has a market cap of $50.66 billion, a P/E ratio of 24.39, a P/E/G ratio of 1.69 and a beta of 1.01. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12 month low of $234.49 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period last year, the firm posted $4.73 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Citigroup lowered their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Truist Financial boosted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $374.25.

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.