Wedge Capital Management L L P NC Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Wedge Capital Management L L P NC reduced its position in Cummins Inc. (NYSE:CMI) by 21.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,488 shares of the company’s stock after selling 8,633 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Cummins were worth $10,977,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Blair William & Co. IL boosted its holdings in Cummins by 4.1% during the 2nd quarter. Blair William & Co. IL now owns 24,685 shares of the company’s stock valued at $6,836,000 after acquiring an additional 961 shares during the period. Seven Eight Capital LP purchased a new stake in Cummins in the 2nd quarter worth approximately $479,000. Ieq Capital LLC lifted its holdings in Cummins by 13.9% in the 2nd quarter. Ieq Capital LLC now owns 7,078 shares of the company’s stock worth $1,960,000 after buying an additional 865 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in Cummins by 2.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 28,999 shares of the company’s stock worth $8,031,000 after buying an additional 707 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in Cummins by 44.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 145,309 shares of the company’s stock worth $40,240,000 after buying an additional 44,762 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $365.98 on Friday. The company has a market capitalization of $50.21 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The business’s fifty day moving average is $363.33 and its 200 day moving average is $327.38. Cummins Inc. has a fifty-two week low of $226.52 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share 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 company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the business earned $4.73 earnings per share. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 20.75 earnings per share for the current year.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 14th. Citigroup decreased their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Robert W. Baird boosted their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $374.25.

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.