Olstein Capital Management L.P. Cuts Stake in Cummins Inc. (NYSE:CMI)

Olstein Capital Management L.P. cut its position in Cummins Inc. (NYSE:CMI) by 55.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 11,250 shares of the company’s stock after selling 13,750 shares during the period. Olstein Capital Management L.P.’s holdings in Cummins were worth $3,922,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Global Trust Asset Management LLC raised its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Cummins in the third quarter worth $32,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the third quarter valued at $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Cummins during the third quarter valued at $55,000. Finally, Friedenthal Financial bought a new stake in Cummins in the 4th quarter worth about $55,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $367.45 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12 month low of $236.00 and a 12 month high of $387.90. The stock 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. The company’s 50 day moving average is $363.94 and its two-hundred day moving average is $330.77.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s revenue was up .3% on a year-over-year basis. During the same period last year, the firm earned $4.73 EPS. As a group, research analysts anticipate that Cummins Inc. will post 21.92 earnings per share for the current year.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The stock was 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 approximately $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 can be accessed through this link. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on CMI shares. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Finally, Truist Financial boosted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” 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.