Advisory Services Network LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 10.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,464 shares of the company’s stock after buying an additional 680 shares during the period. Advisory Services Network LLC’s holdings in Cummins were worth $839,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of CMI. First Manhattan Co. raised its stake in Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock valued at $107,000 after buying an additional 71 shares in the last quarter. Kanaly Trust Co raised its stake in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock valued at $125,000 after buying an additional 34 shares in the last quarter. FCM Investments TX raised its stake in Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock valued at $135,000 after buying an additional 300 shares in the last quarter. Americafirst Capital Management LLC purchased a new stake in Cummins during the second quarter valued at about $139,000. Finally, Checchi Capital Advisers LLC raised its stake in Cummins by 6.8% in the second quarter. Checchi Capital Advisers LLC now owns 1,280 shares of the company’s stock valued at $144,000 after buying an additional 82 shares in the last quarter. 81.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cummins Inc. (NYSE:CMI) traded down 0.43% during midday trading on Tuesday, reaching $127.31. The company’s stock had a trading volume of 1,104,211 shares. Cummins Inc. has a 12 month low of $79.88 and a 12 month high of $129.26. The company has a market cap of $21.39 billion, a price-to-earnings ratio of 17.44 and a beta of 1.46. The stock has a 50-day moving average of $122.75 and a 200 day moving average of $116.92.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.25. The company earned $4.50 billion during the quarter, compared to the consensus estimate of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The firm’s quarterly revenue was down 9.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.62 earnings per share. On average, analysts predict that Cummins Inc. will post $8.14 earnings per share for the current fiscal year.
Several equities research analysts have weighed in on the company. William Blair set a $110.00 target price on Cummins and gave the stock a “hold” rating in a research report on Thursday, September 8th. Jefferies Group increased their target price on Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, September 1st. Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $114.00 target price on shares of Cummins in a research report on Monday, September 12th. Finally, Citigroup Inc. increased their target price on Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $111.35.
In other news, insider Jill E. Cook sold 5,981 shares of the business’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total transaction of $718,916.20. Following the completion of the sale, the insider now owns 24,800 shares in the company, valued at $2,980,960. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Thaddeus B. Ewald sold 820 shares of the business’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $126.95, for a total value of $104,099.00. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.
Cummins Company Profile
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets.
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).
Receive News & Ratings for Cummins Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins Inc. and related companies with MarketBeat.com's FREE daily email newsletter.