Manning & Napier Advisors LLC Has $17.51 Million Stake in Cummins Inc. (NYSE:CMI)

Manning & Napier Advisors LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 7.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,222 shares of the company's stock after selling 4,149 shares during the quarter. Manning & Napier Advisors LLC's holdings in Cummins were worth $17,507,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Field & Main Bank lifted its holdings in Cummins by 1.5% in the fourth quarter. Field & Main Bank now owns 2,498 shares of the company's stock valued at $871,000 after buying an additional 38 shares during the period. Forsta AP Fonden raised its holdings in Cummins by 44.1% in the fourth quarter. Forsta AP Fonden now owns 50,640 shares of the company's stock worth $17,653,000 after purchasing an additional 15,500 shares during the period. Nvest Financial LLC acquired a new stake in Cummins in the fourth quarter worth $206,000. Robeco Institutional Asset Management B.V. raised its holdings in Cummins by 0.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 353,341 shares of the company's stock worth $123,175,000 after purchasing an additional 3,220 shares during the period. Finally, Kirr Marbach & Co. LLC IN raised its holdings in Cummins by 41.3% in the fourth quarter. Kirr Marbach & Co. LLC IN now owns 1,510 shares of the company's stock worth $526,000 after purchasing an additional 441 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Stock Up 1.6 %

Cummins stock traded up $5.79 during mid-day trading on Thursday, reaching $359.81. The company's stock had a trading volume of 915,994 shares, compared to its average volume of 766,937. The company has a market capitalization of $49.36 billion, a price-to-earnings ratio of 23.77, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 12 month low of $236.00 and a 12 month high of $387.90. The business's 50 day simple moving average is $363.27 and its 200 day simple moving average is $332.70. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the firm earned $4.73 earnings per share. The firm's revenue for the quarter was up .3% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 21.92 earnings per share for the current year.

Wall Street Analyst Weigh In

CMI has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded shares of Cummins from an "underweight" rating to a "neutral" rating and increased their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and increased their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. StockNews.com upgraded shares of Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, January 22nd. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Finally, Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and increased their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $374.25.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company's stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 6,490 shares of company stock valued at $2,357,880 in the last quarter. Company insiders own 0.56% of the company's stock.

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.