Hamilton Point Investment Advisors LLC Has $5.86 Million Stock Holdings in Cummins Inc. $CMI

Key Points

• Hamilton Point Investment Advisors LLC reduced its stake in Cummins Inc. by 4.4%, bringing its total holdings to approximately $5.86 million as of the second quarter.
• In recent insider transactions, VP Robert Enright and CFO Mark Andrew Smith sold significant shares, with Enright reducing his stake by 66.07% and Smith by 20.21%.
• Analysts have positive outlooks for Cummins, with target price increases from several brokerages, including Citigroup, which raised its target from $425 to $485 with a "buy" rating.

Hamilton Point Investment Advisors LLC trimmed its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 4.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,883 shares of the company's stock after selling 832 shares during the quarter. Hamilton Point Investment Advisors LLC's holdings in Cummins were worth $5,857,000 at the end of the most recent quarter.

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

Insider Buying and Selling at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the company's stock in a transaction on Friday, August 22nd. The shares were 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. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares of the company's stock, 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. Insiders have sold a total of 43,119 shares of company stock valued at $17,674,285 in the last three months. 0.41% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CMI. Robert W. Baird raised their target price on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Citigroup upped their target price on shares of Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Weiss Ratings reissued a "buy (b)" rating on shares of Cummins in a research note on Saturday, September 27th. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a report on Monday, August 11th. Finally, Truist Financial raised their target price on Cummins from $380.00 to $434.00 and gave the stock a "hold" rating in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $397.43.

Cummins Price Performance

Shares of CMI opened at $409.17 on Tuesday. The stock has a 50 day simple moving average of $408.16 and a 200 day simple moving average of $350.37. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The firm has a market capitalization of $56.38 billion, a PE ratio of 19.24, a P/E/G ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $5.26 EPS. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal 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.

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