Cummins Inc. $CMI Shares Sold by Edmp Inc.

Key Points

• Edmp Inc. reduced its holdings in Cummins Inc. by 12.3% during the second quarter, owning 4,846 shares valued at approximately $1.59 million.
• Cummins reported $6.43 earnings per share for the last quarter, significantly surpassing analysts' expectations of $5.21, with a total revenue of $8.64 billion.
• Several analysts have upgraded their ratings on Cummins, with Zacks Research moving it from a "hold" to a "strong-buy" rating, indicating growing confidence in the company’s future performance.

Edmp Inc. lowered its position in Cummins Inc. (NYSE:CMI - Free Report) by 12.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,846 shares of the company's stock after selling 682 shares during the period. Edmp Inc.'s holdings in Cummins were worth $1,587,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Olde Wealth Management LLC purchased a new position in Cummins in the 1st quarter valued at approximately $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins during the 1st quarter valued at $31,000. Opal Wealth Advisors LLC acquired a new stake in Cummins during the 1st quarter valued at $37,000. Richardson Financial Services Inc. acquired a new stake in Cummins during the 1st quarter valued at $39,000. Finally, Costello Asset Management INC acquired a new stake in Cummins during the 1st quarter valued at $40,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Price Performance

Shares of Cummins stock opened at $409.17 on Tuesday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The stock has a market capitalization of $56.38 billion, a P/E ratio of 19.24, a PEG ratio of 1.99 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The business's fifty day moving average price is $408.16 and its 200 day moving average price is $350.37.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. During the same quarter last year, the firm earned $5.26 earnings per share. The firm's revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Zacks Research upgraded Cummins from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 8th. Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Robert W. Baird raised their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Finally, Wells Fargo & Company upgraded Cummins to an "overweight" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $397.43.

Insider Buying and Selling at Cummins

In other news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president directly owned 955 shares of the company's stock, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,119 shares of company stock valued at $17,674,285. Company insiders own 0.41% of the company's stock.

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.

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