HB Wealth Management LLC Trims Holdings in Cummins Inc. (NYSE:CMI)

HB Wealth Management LLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 3.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,954 shares of the company’s stock after selling 115 shares during the quarter. HB Wealth Management LLC’s holdings in Cummins were worth $1,030,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Prospera Private Wealth LLC bought a new stake in shares of Cummins during the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Cummins during the third quarter valued at about $34,000. Ashton Thomas Securities LLC purchased a new position in shares of Cummins in the third quarter valued at about $55,000. Friedenthal Financial bought a new position in shares of Cummins in the fourth quarter worth about $55,000. Finally, Bangor Savings Bank grew its position in shares of Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after purchasing an additional 35 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Cummins stock opened at $365.98 on Tuesday. Cummins Inc. has a 12-month low of $226.52 and a 12-month high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $363.33 and a 200-day moving average price of $328.19. The firm has a market capitalization of $50.21 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01.

Cummins (NYSE:CMI) last posted 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 return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the business earned $4.73 EPS. Cummins’s revenue was up .3% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were 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 of the company’s stock, valued at $7,456,419.29. The trade was a 8.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CMI. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 14th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $374.25.

About Cummins

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.