Cummins Inc. (NYSE:CMI) Position Reduced by Traynor Capital Management Inc.

Traynor Capital Management Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 10.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 7,466 shares of the company’s stock after selling 916 shares during the period. Traynor Capital Management Inc.’s holdings in Cummins were worth $2,603,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Bank of Montreal Can lifted its stake in Cummins by 18.6% in the second quarter. Bank of Montreal Can now owns 323,218 shares of the company’s stock valued at $92,020,000 after buying an additional 50,762 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Cummins by 158.8% in the second quarter. Marshall Wace LLP now owns 54,289 shares of the company’s stock worth $15,034,000 after purchasing an additional 33,314 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Cummins by 54.8% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 26,199 shares of the company’s stock valued at $7,255,000 after purchasing an additional 9,276 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Cummins by 452.8% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,731 shares of the company’s stock valued at $756,000 after purchasing an additional 2,237 shares in the last quarter. Finally, AXA S.A. lifted its holdings in Cummins by 247.5% in the second quarter. AXA S.A. now owns 229,051 shares of the company’s stock worth $63,431,000 after purchasing an additional 163,129 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,456,419.29. The trade was a 8.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 in the last 90 days. 0.56% of the stock is owned by company insiders.

Cummins Stock Down 0.4 %

CMI stock opened at $365.76 on Thursday. The firm has a market cap of $50.17 billion, a PE ratio of 24.16, a PEG ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 1 year low of $234.04 and a 1 year high of $387.90. The company has a fifty day simple moving average of $363.73 and a 200 day simple moving average of $329.56. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.73 EPS. Sell-side analysts anticipate that Cummins Inc. will post 21.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CMI. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. The Goldman Sachs Group boosted their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Robert W. Baird lifted their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $374.25.

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.