Cidel Asset Management Inc. Decreases Stake in Cummins Inc. (NYSE:CMI)

Cidel Asset Management Inc. lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 8.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,119 shares of the company’s stock after selling 103 shares during the quarter. Cidel Asset Management Inc.’s holdings in Cummins were worth $390,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in Cummins in the 4th quarter worth $355,000. Fairvoy Private Wealth LLC purchased a new stake in shares of Cummins during the fourth quarter worth about $3,451,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Cummins by 8.7% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,561 shares of the company’s stock worth $5,425,000 after purchasing an additional 1,245 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Cummins by 1.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 381,585 shares of the company’s stock valued at $133,021,000 after purchasing an additional 5,646 shares during the last quarter. Finally, Leo Wealth LLC lifted its holdings in Cummins by 11.1% in the 4th quarter. Leo Wealth LLC now owns 1,285 shares of the company’s stock worth $448,000 after buying an additional 128 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $372.12 on Friday. The firm has a market cap of $51.05 billion, a PE ratio of 13.21, a P/E/G ratio of 2.10 and a beta of 1.00. Cummins Inc. has a 1-year low of $247.53 and a 1-year high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.79 and a debt-to-equity ratio of 0.42. The firm has a fifty day simple moving average of $361.82 and a two-hundred day simple moving average of $335.77.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the company earned $4.14 earnings per share. Cummins’s revenue was down 1.1% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post 22.57 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on CMI shares. Robert W. Baird upped their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Barclays upped their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Hold” and an average target price of $383.08.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,456,419.29. This represents a 8.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last ninety days, insiders sold 6,328 shares of company stock worth $2,300,040. 0.56% of the stock is owned by company insiders.

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.