CX Institutional Boosts Stake in Cummins Inc. (NYSE:CMI)

CX Institutional lifted its holdings in Cummins Inc. (NYSE:CMI) by 12.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,802 shares of the company’s stock after buying an additional 198 shares during the period. CX Institutional’s holdings in Cummins were worth $628,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Marshall Wace LLP boosted its stake in shares of Cummins by 158.8% in the 2nd quarter. Marshall Wace LLP now owns 54,289 shares of the company’s stock valued at $15,034,000 after purchasing an additional 33,314 shares in the last quarter. MBB Public Markets I LLC purchased a new position in Cummins in the 2nd quarter worth $2,797,000. Legal & General Group Plc lifted its stake in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after purchasing an additional 31,190 shares during the last quarter. Susquehanna Fundamental Investments LLC boosted its position in Cummins by 21.1% during the second quarter. Susquehanna Fundamental Investments LLC now owns 106,537 shares of the company’s stock valued at $29,503,000 after buying an additional 18,565 shares during the period. Finally, SkyView Investment Advisors LLC grew its stake in shares of Cummins by 12.7% during the second quarter. SkyView Investment Advisors LLC now owns 5,132 shares of the company’s stock valued at $1,421,000 after buying an additional 577 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $367.45 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market cap of $50.41 billion, a price-to-earnings ratio of 24.27, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. The stock has a fifty day simple moving average of $363.94 and a two-hundred day simple moving average of $330.77. Cummins Inc. has a 12-month low of $236.00 and a 12-month high of $387.90.

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

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CMI. Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Robert W. Baird raised their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. The Goldman Sachs Group upped their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cummins has a consensus 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.