Sequoia Financial Advisors LLC Trims Position in Cummins Inc. (NYSE:CMI)

Sequoia Financial Advisors LLC cut its stake in shares of Cummins Inc. (NYSE:CMIFree Report) by 5.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,924 shares of the company’s stock after selling 107 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Cummins were worth $440,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. OFI Invest Asset Management acquired a new position in Cummins in the third quarter valued at approximately $25,000. Steward Financial Group LLC purchased a new stake in Cummins in the second quarter valued at approximately $27,000. Global Wealth Strategies & Associates purchased a new stake in Cummins in the third quarter valued at approximately $29,000. Tyler Stone Wealth Management purchased a new stake in shares of Cummins during the second quarter worth approximately $30,000. Finally, Quarry LP purchased a new stake in shares of Cummins during the first quarter worth approximately $32,000. 81.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday. JPMorgan Chase & Co. cut their price objective on Cummins from $255.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, January 18th. Morgan Stanley began coverage on Cummins in a research report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Finally, StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 16th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins has a consensus rating of “Hold” and an average price target of $261.67.

Read Our Latest Analysis on CMI

Cummins Stock Up 0.8 %

CMI opened at $251.84 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The firm has a market cap of $35.70 billion, a P/E ratio of 48.62, a PEG ratio of 1.33 and a beta of 1.02. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $265.28. The business’s fifty day simple moving average is $238.98 and its 200 day simple moving average is $233.49.

Cummins (NYSE:CMIGet Free Report) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm’s revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the business earned $4.52 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 19.31 EPS for the current fiscal year.

About Cummins

(Free Report)

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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