Confluence Wealth Services Inc. Sells 91 Shares of Cummins Inc. (NYSE:CMI)

Confluence Wealth Services Inc. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,095 shares of the company’s stock after selling 91 shares during the period. Confluence Wealth Services Inc.’s holdings in Cummins were worth $773,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Global Trust Asset Management LLC lifted its stake in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the period. KG&L Capital Management LLC lifted its position in shares of Cummins by 0.8% during the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after buying an additional 28 shares during the period. Chicago Capital LLC boosted its stake in Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after buying an additional 30 shares in the last quarter. Massachusetts Wealth Management grew its position in Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after acquiring an additional 30 shares during the period. Finally, Equitable Trust Co. raised its stake 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 acquiring an additional 32 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Up 1.8 %

NYSE CMI opened at $370.03 on Thursday. 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 Inc. has a 52 week low of $236.00 and a 52 week high of $387.90. The stock has a market capitalization of $50.76 billion, a P/E ratio of 24.44, a price-to-earnings-growth ratio of 1.64 and a beta of 1.00. The stock has a fifty day moving average of $361.94 and a 200-day moving average of $334.73.

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

Wall Street Analysts Forecast Growth

CMI has been the topic of several recent analyst reports. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. The Goldman Sachs Group boosted 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. Truist Financial raised 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, January 16th. Robert W. Baird boosted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $383.08.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the company’s 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 completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold 6,490 shares of company stock worth $2,357,880 over the last ninety days. Company insiders own 0.56% of the company’s stock.

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.