McGuire Investment Group LLC Increases Stock Position in Cummins Inc. (NYSE:CMI)

McGuire Investment Group LLC raised its position in shares of Cummins Inc. (NYSE:CMI) by 0.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,181 shares of the company’s stock after buying an additional 95 shares during the period. McGuire Investment Group LLC’s holdings in Cummins were worth $6,338,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CMI. Marshall Wace LLP boosted its position in Cummins by 158.8% during the 2nd quarter. Marshall Wace LLP now owns 54,289 shares of the company’s stock valued at $15,034,000 after buying an additional 33,314 shares during the period. MBB Public Markets I LLC purchased a new stake in shares of Cummins in the 2nd quarter worth about $2,797,000. Marshfield Associates lifted its position in shares of Cummins by 0.3% in the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after purchasing an additional 3,076 shares during the period. Legal & General Group Plc increased its stake in shares of Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after acquiring an additional 31,190 shares in the last quarter. Finally, Scientech Research LLC bought a new position in shares of Cummins in the 2nd quarter worth about $3,025,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of analyst reports. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Citigroup reduced their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Finally, Jefferies Financial Group upped their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Cummins Stock Performance

Shares of CMI stock opened at $367.45 on Friday. The stock’s 50-day moving average is $363.83 and its two-hundred day moving average is $330.09. The firm has a market cap of $50.41 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 1 year low of $236.00 and a 1 year high of $387.90. 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 (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the firm earned $4.73 earnings per share. The firm’s revenue was up .3% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 21.92 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 6,489 shares of company stock worth $2,357,531 in the last ninety days. Insiders own 0.56% of the company’s stock.

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.