Cummins Inc. (NYSE:CMI) Shares Bought by Legacy Trust

Legacy Trust lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,633 shares of the company’s stock after buying an additional 211 shares during the quarter. Cummins accounts for approximately 1.6% of Legacy Trust’s holdings, making the stock its 21st largest holding. Legacy Trust’s holdings in Cummins were worth $6,844,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Global Trust Asset Management LLC boosted 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 period. Prospera Private Wealth LLC purchased a new stake in Cummins during the 3rd quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins in the 3rd quarter worth $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Cummins during the third quarter valued at about $55,000. Finally, Friedenthal Financial purchased a new stake in shares of Cummins during the fourth quarter worth about $55,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the subject of a number of recent analyst reports. Robert W. Baird raised their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. 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. Finally, StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Eight equities research 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 data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $374.25.

Cummins Trading Up 1.2 %

NYSE:CMI opened at $354.31 on Thursday. Cummins Inc. has a 12-month low of $236.00 and a 12-month high of $387.90. 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 business has a 50 day simple moving average of $363.40 and a 200 day simple moving average of $332.55. The firm has a market capitalization of $48.60 billion, a P/E ratio of 23.40, a P/E/G ratio of 1.69 and a beta of 1.01.

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

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction 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 transaction, the vice president now directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 6,490 shares of company stock valued at $2,357,880. Insiders own 0.56% of the company’s stock.

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.