Essex Financial Services Inc. Boosts Stake in Cummins Inc. (NYSE:CMI)

Essex Financial Services Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,475 shares of the company’s stock after purchasing an additional 289 shares during the quarter. Essex Financial Services Inc.’s holdings in Cummins were worth $2,257,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Global Trust Asset Management LLC grew its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the period. KG&L Capital Management LLC increased its stake in Cummins by 0.8% during the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after buying an additional 28 shares in the last quarter. Chicago Capital LLC lifted its position in shares of Cummins by 0.9% in the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after acquiring an additional 30 shares in the last quarter. Massachusetts Wealth Management increased its position in shares of Cummins by 0.6% during the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after purchasing an additional 30 shares in the last quarter. Finally, Equitable Trust Co. lifted its holdings in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after purchasing an additional 32 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

CMI stock opened at $373.98 on Tuesday. Cummins Inc. has a 1 year low of $250.90 and a 1 year high of $387.90. The firm has a market capitalization of $51.30 billion, a P/E ratio of 13.28, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. The business’s 50-day moving average is $361.82 and its two-hundred day moving average is $336.52.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.14 earnings per share. Analysts anticipate that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on CMI. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $383.08.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the 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 transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 4,327 shares of company stock worth $1,582,821 over the last ninety days. Corporate 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.