Cummins Inc. (NYSE:CMI) Stake Raised by Park Avenue Securities LLC

Park Avenue Securities LLC grew its stake in Cummins Inc. (NYSE:CMI - Free Report) by 29.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,821 shares of the company's stock after acquiring an additional 1,333 shares during the quarter. Park Avenue Securities LLC's holdings in Cummins were worth $2,029,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Chicago Capital LLC raised its holdings in Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company's stock valued at $1,065,000 after acquiring an additional 30 shares during the last quarter. Equitable Trust Co. boosted its stake in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company's stock worth $298,000 after buying an additional 32 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in Cummins by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company's stock valued at $520,000 after buying an additional 35 shares during the period. Bangor Savings Bank increased 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 valued at $62,000 after acquiring an additional 35 shares during the last quarter. Finally, Graypoint LLC lifted its holdings in shares of Cummins by 2.0% during the 4th quarter. Graypoint LLC now owns 1,874 shares of the company's stock worth $653,000 after acquiring an additional 36 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Robert W. Baird upped their price target 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. The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. StockNews.com downgraded Cummins from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and raised their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $374.25.

Cummins Stock Down 0.1 %

Shares of Cummins stock traded down $0.35 during trading hours on Friday, hitting $365.98. 810,985 shares of the company's stock traded hands, compared to its average volume of 505,817. 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 stock has a 50 day simple moving average of $363.33 and a 200-day simple moving average of $327.80. The company has a market cap of $50.21 billion, a PE ratio of 24.17, a PEG ratio of 1.61 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (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 firm had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.29 billion. During the same period in the prior year, the company posted $4.73 earnings per share. The firm's quarterly revenue was up .3% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of the company'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 value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 6,489 shares of company stock valued at $2,357,531 over the last quarter. 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.