Meritage Portfolio Management Decreases Stake in Cummins Inc. (NYSE:CMI)

Meritage Portfolio Management decreased its holdings in Cummins Inc. (NYSE:CMI) by 7.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 11,395 shares of the company’s stock after selling 854 shares during the period. Meritage Portfolio Management’s holdings in Cummins were worth $3,972,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Global Trust Asset Management LLC increased its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in Cummins in the 3rd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins in the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC acquired a new stake in Cummins in the third quarter valued at approximately $55,000. Finally, Friedenthal Financial acquired a new position in shares of Cummins during the fourth quarter worth $55,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $363.97 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average of $361.94 and a two-hundred day moving average of $334.73. The company has a market cap of $49.93 billion, a P/E ratio of 24.04, a PEG ratio of 1.64 and a beta of 1.00. Cummins Inc. has a 52 week low of $236.00 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the previous year, the firm posted $4.14 EPS. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 20.62 EPS for the current year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 6,490 shares of company stock worth $2,357,880. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CMI. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Jefferies Financial Group boosted 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. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $380.17.

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.