Artemis Investment Management LLP acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 6,506 shares of the company's stock, valued at approximately $2,268,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Prospera Private Wealth LLC bought a new stake in shares of Cummins in the third quarter valued at about $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the 3rd quarter valued at approximately $34,000. Friedenthal Financial bought a new stake in Cummins in the 4th quarter valued at approximately $55,000. Ashton Thomas Securities LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $55,000. Finally, Bangor Savings Bank grew its stake in shares of Cummins by 24.6% during the 4th quarter. Bangor Savings Bank now owns 177 shares of the company's stock worth $62,000 after acquiring an additional 35 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts recently commented on the stock. Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Robert W. Baird raised their price objective on Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Citigroup lowered their target price on Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and increased their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. raised Cummins from an "underweight" rating to a "neutral" rating and boosted their price target for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $374.25.
Check Out Our Latest Report on CMI
Cummins Stock Performance
Shares of Cummins stock traded down $0.35 on Monday, hitting $365.98. The stock had a trading volume of 810,985 shares, compared to its average volume of 505,817. The stock has a market cap of $50.21 billion, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. 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 $226.52 and a twelve month high of $387.90. The business's 50 day moving average is $363.33 and its two-hundred day moving average is $328.19.
Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating 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 business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the company posted $4.73 earnings per share. Cummins's revenue was up .3% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.
Insider Buying and Selling
In other Cummins news, VP Sharon R. Barner sold 162 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 6,489 shares of company stock valued at $2,357,531 over the last 90 days. 0.56% of the stock is owned by corporate insiders.
Cummins Profile
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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 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.
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