Berman McAleer LLC Makes New Investment in Cummins Inc. $CMI

Berman McAleer LLC purchased a new position in Cummins Inc. (NYSE:CMI) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,557 shares of the company’s stock, valued at approximately $658,000.

Other institutional investors have also bought and sold shares of the company. National Pension Service grew its stake in shares of Cummins by 5.5% in the 3rd quarter. National Pension Service now owns 243,246 shares of the company’s stock valued at $102,740,000 after buying an additional 12,588 shares during the period. Cornerstone Wealth Management LLC grew its stake in shares of Cummins by 9.1% in the third quarter. Cornerstone Wealth Management LLC now owns 4,052 shares of the company’s stock valued at $1,711,000 after buying an additional 338 shares in the last quarter. AlphaQuest LLC raised its holdings in shares of Cummins by 8.7% in the 3rd quarter. AlphaQuest LLC now owns 1,448 shares of the company’s stock valued at $612,000 after buying an additional 116 shares during the period. Pittenger & Anderson Inc. increased its stake in Cummins by 15.4% during the third quarter. Pittenger & Anderson Inc. now owns 427 shares of the company’s stock worth $180,000 after purchasing an additional 57 shares during the period. Finally, Golden State Wealth Management LLC lifted its position in shares of Cummins by 6.7% during the third quarter. Golden State Wealth Management LLC now owns 977 shares of the company’s stock worth $413,000 after purchasing an additional 61 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 19,130 shares of company stock worth $9,045,544. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CMI shares. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Truist Financial increased their price objective on Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a report on Thursday, December 18th. Finally, Citigroup boosted their price target on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $522.07.

Cummins Stock Performance

Cummins stock opened at $578.24 on Friday. The stock has a fifty day moving average price of $532.03 and a 200 day moving average price of $453.01. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $592.53. The firm has a market capitalization of $79.82 billion, a P/E ratio of 30.01, a PEG ratio of 2.05 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $5.86 EPS. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.