Traynor Capital Management Inc. Sells 916 Shares of Cummins Inc. (NYSE:CMI)

Traynor Capital Management Inc. decreased its holdings in Cummins Inc. (NYSE:CMI) by 10.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,466 shares of the company’s stock after selling 916 shares during the quarter. Traynor Capital Management Inc.’s holdings in Cummins were worth $2,603,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins in the 3rd quarter valued at $34,000. Ashton Thomas Securities LLC bought a new stake in Cummins in the third quarter valued at $55,000. Finally, Friedenthal Financial bought a new position in shares of Cummins during the fourth quarter valued at $55,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CMI. Robert W. Baird increased their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Citigroup reduced their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $374.25.

Cummins Stock Down 0.4 %

Cummins stock opened at $365.76 on Thursday. The company has a 50 day moving average of $363.73 and a 200-day moving average of $329.56. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a twelve month low of $234.04 and a twelve month high of $387.90. The stock has a market capitalization of $50.17 billion, a PE ratio of 24.16, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) 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 analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.73 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 21.92 EPS for the current fiscal year.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by insiders.

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.