Cummins Inc. (NYSE:CMI) Shares Sold by Tectonic Advisors LLC

Tectonic Advisors LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 4.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,055 shares of the company’s stock after selling 149 shares during the quarter. Tectonic Advisors LLC’s holdings in Cummins were worth $1,065,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp increased its position in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares during the period. Fisher Asset Management LLC lifted its position in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares during the period. Pathway Financial Advisers LLC increased its holdings in shares of Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the period. FMR LLC increased its holdings in shares of Cummins by 0.8% in the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after purchasing an additional 9,245 shares during the period. Finally, International Assets Investment Management LLC raised its stake in shares of Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE CMI opened at $370.03 on Thursday. The business has a 50 day moving average price of $361.94 and a 200 day moving average price of $334.73. The company has a market capitalization of $50.76 billion, a P/E ratio of 24.44, a PEG ratio of 1.64 and a beta of 1.00. 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 current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter last year, the business posted $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 20.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CMI has been the topic of several recent research reports. Truist Financial boosted 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. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Robert W. Baird boosted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $383.08.

Insiders Place Their Bets

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 completion of the transaction, the vice president now directly 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 SEC, which is available at this hyperlink. Over the last quarter, insiders sold 6,490 shares of company stock worth $2,357,880. 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.