Smith Salley Wealth Management Sells 148 Shares of Cummins Inc. (NYSE:CMI)

Smith Salley Wealth Management lessened its position in Cummins Inc. (NYSE:CMI) by 9.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,470 shares of the company’s stock after selling 148 shares during the quarter. Smith Salley Wealth Management’s holdings in Cummins were worth $512,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CMI. Prospera Private Wealth LLC bought a new stake in Cummins in the third quarter worth $32,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins in the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC purchased a new stake in Cummins during the 3rd quarter valued at about $55,000. Friedenthal Financial purchased a new stake in Cummins during the 4th quarter valued at about $55,000. Finally, Bangor Savings Bank grew its position in Cummins by 24.6% during the 4th quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after acquiring an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 6,489 shares of company stock worth $2,357,531 over the last quarter. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on CMI shares. The Goldman Sachs Group upped their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $355.00 to $420.00 in a report on Monday, December 9th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Jefferies Financial Group lifted their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $374.25.

Cummins Price Performance

CMI opened at $365.98 on Monday. The firm has a market cap of $50.21 billion, a PE ratio of 24.17, a P/E/G ratio of 1.61 and a beta of 1.01. The stock has a 50-day moving average price of $363.33 and a 200-day moving average price of $327.80. Cummins Inc. has a 1 year low of $226.52 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 issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the prior year, the firm posted $4.73 earnings per share. The business’s revenue was up .3% on a year-over-year basis. Sell-side analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Company 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.