Patriot Financial Group Insurance Agency LLC Sells 774 Shares of Cummins Inc. (NYSE:CMI)

Patriot Financial Group Insurance Agency LLC decreased its holdings in Cummins Inc. (NYSE:CMI) by 49.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 796 shares of the company’s stock after selling 774 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Cummins were worth $142,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Allred Capital Management LLC bought a new position in shares of Cummins in the fourth quarter worth $31,000. Simon Quick Advisors LLC bought a new stake in shares of Cummins in the fourth quarter valued at $42,000. Steward Partners Investment Advisory LLC lifted its position in shares of Cummins by 31.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 258 shares of the company’s stock valued at $46,000 after buying an additional 61 shares during the last quarter. Delta Asset Management LLC TN lifted its position in shares of Cummins by 34.2% during the 3rd quarter. Delta Asset Management LLC TN now owns 314 shares of the company’s stock valued at $51,000 after buying an additional 80 shares during the last quarter. Finally, Baystate Wealth Management LLC grew its stake in shares of Cummins by 116.5% during the 4th quarter. Baystate Wealth Management LLC now owns 288 shares of the company’s stock worth $52,000 after acquiring an additional 155 shares during the period. Institutional investors and hedge funds own 83.16% of the company’s stock.

CMI has been the topic of several recent analyst reports. Morgan Stanley increased their price target on Cummins from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Monday, December 16th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and set a $207.00 price objective for the company in a report on Friday, November 8th. UBS Group set a $162.00 price objective on shares of Cummins in a research report on Monday, December 16th. Royal Bank of Canada restated a “hold” rating and issued a $185.00 target price (up from $167.00) on shares of Cummins in a research note on Monday, November 25th. Finally, Barclays reaffirmed a “hold” rating and set a $159.00 target price on shares of Cummins in a research report on Wednesday, October 16th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $178.41.

Shares of CMI opened at $170.80 on Friday. The company has a 50 day moving average price of $177.72 and a 200-day moving average price of $168.75. Cummins Inc. has a fifty-two week low of $140.88 and a fifty-two week high of $186.73. The stock has a market capitalization of $26.06 billion, a PE ratio of 10.62, a PEG ratio of 2.01 and a beta of 1.14. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.95 and a current ratio of 1.52.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, October 29th. The company reported $3.83 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.84 by ($0.01). The business had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.87 billion. Cummins had a net margin of 10.53% and a return on equity of 28.52%. Cummins’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.05 earnings per share. Equities research analysts forecast that Cummins Inc. will post 14.77 EPS for the current year.

Cummins announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

Further Reading: Differences Between Momentum Investing and Long Term Investing

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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