Matrix Trust Co Raises Holdings in Cummins Inc. (NYSE:CMI)

Matrix Trust Co boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 520.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 273 shares of the company’s stock after buying an additional 229 shares during the period. Matrix Trust Co’s holdings in Cummins were worth $95,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of CMI. Chicago Capital LLC lifted its stake in shares of Cummins by 0.9% during the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after purchasing an additional 30 shares during the last quarter. Equitable Trust Co. lifted its position in shares of Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after buying an additional 32 shares during the last quarter. EP Wealth Advisors LLC boosted its holdings in shares of Cummins by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after buying an additional 35 shares in the last quarter. Bangor Savings Bank grew its position in shares of Cummins by 24.6% in the 4th quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after buying an additional 35 shares during the last quarter. Finally, Graypoint LLC raised its stake in shares of Cummins by 2.0% during the 4th quarter. Graypoint LLC now owns 1,874 shares of the company’s stock worth $653,000 after acquiring an additional 36 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of several analyst reports. Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Citigroup boosted their target price on Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Truist Financial increased their price target on Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $363.50.

Cummins Stock Up 1.7 %

NYSE:CMI opened at $360.80 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company’s fifty day moving average price is $362.62 and its 200-day moving average price is $325.60. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90. The firm has a market capitalization of $49.49 billion, a P/E ratio of 23.83, a PEG ratio of 1.78 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm earned $4.73 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 20.75 EPS for the current 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.