State of Alaska Department of Revenue Reduces Holdings in Cummins Inc. (NYSE:CMI)

State of Alaska Department of Revenue cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 17.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,643 shares of the company’s stock after selling 3,243 shares during the period. State of Alaska Department of Revenue’s holdings in Cummins were worth $5,453,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Global Trust Asset Management LLC increased its holdings in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Cummins in the third quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins in the third quarter valued at $34,000. Ashton Thomas Securities LLC bought a new position in Cummins during the 3rd quarter valued at $55,000. Finally, Friedenthal Financial acquired a new position in Cummins during the 4th quarter worth $55,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 6,328 shares of company stock valued at $2,300,040 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CMI. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Truist Financial raised their price target 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. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $383.08.

Cummins Price Performance

Shares of NYSE:CMI opened at $372.12 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm’s 50 day moving average is $361.89 and its two-hundred day moving average is $335.21. The firm has a market capitalization of $51.05 billion, a P/E ratio of 24.58, a PEG ratio of 1.64 and a beta of 1.00. Cummins Inc. has a 52 week low of $247.53 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the business earned $4.14 EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 20.62 earnings per share for the current year.

About Cummins

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.