Manning & Napier Advisors LLC Decreases Position in Cummins Inc. (NYSE:CMI)

Manning & Napier Advisors LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 7.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,222 shares of the company’s stock after selling 4,149 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Cummins were worth $17,507,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Global Trust Asset Management LLC increased its holdings in shares of 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. Chicago Capital LLC grew its position in Cummins by 0.9% during the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after purchasing an additional 30 shares during the last quarter. Equitable Trust Co. increased its stake in Cummins by 3.6% in the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after purchasing an additional 32 shares during the period. Mayflower Financial Advisors LLC raised its holdings in shares of Cummins by 2.0% in the fourth quarter. Mayflower Financial Advisors LLC now owns 1,631 shares of the company’s stock valued at $568,000 after buying an additional 32 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its holdings in shares of Cummins by 1.9% during the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after buying an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on CMI. The Goldman Sachs Group upped their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Truist Financial upped their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Finally, Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Insider Buying and Selling

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

Cummins Price Performance

Shares of NYSE:CMI traded up $6.29 during trading on Wednesday, hitting $356.56. 130,897 shares of the stock were exchanged, compared to its average volume of 716,288. Cummins Inc. has a 12-month low of $236.00 and a 12-month high of $387.90. The company has a market cap of $48.91 billion, a PE ratio of 23.56, a P/E/G ratio of 1.69 and a beta of 1.01. The company has a fifty day moving average price of $363.40 and a two-hundred day moving average price of $332.55. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

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