Bank of America Corp DE Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Bank of America Corp DE lessened its position in Cummins Inc. (NYSE:CMI - Free Report) by 6.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 912,515 shares of the company's stock after selling 65,184 shares during the period. Bank of America Corp DE owned approximately 0.67% of Cummins worth $318,103,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Global Trust Asset Management LLC boosted its stake in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after buying an additional 28 shares in the last quarter. KG&L Capital Management LLC boosted its stake in shares of 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 acquiring an additional 28 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock worth $1,155,000 after acquiring an additional 28 shares in the last quarter. Massachusetts Wealth Management lifted its holdings in shares of Cummins by 0.6% during the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company's stock valued at $1,677,000 after purchasing an additional 30 shares during the last quarter. Finally, Avestar Capital LLC lifted its holdings in shares of Cummins by 3.2% during the fourth quarter. Avestar Capital LLC now owns 987 shares of the company's stock valued at $344,000 after purchasing an additional 31 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Up 1.5%

Cummins stock traded up $4.97 during midday trading on Tuesday, reaching $335.56. The stock had a trading volume of 290,183 shares, compared to its average volume of 807,926. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a market capitalization of $46.23 billion, a P/E ratio of 11.91, a PEG ratio of 2.19 and a beta of 1.02. The company has a fifty day moving average price of $304.34 and a two-hundred day moving average price of $341.47. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the previous year, the business earned $5.08 EPS. The company's quarterly revenue was down 2.7% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CMI shares. Barclays upped their target price on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Evercore ISI raised their price target on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Finally, Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $354.83.

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.