Waverton Investment Management Ltd held its stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,078 shares of the company’s stock at the end of the second quarter. Waverton Investment Management Ltd’s holdings in Cummins were worth $1,246,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the stock. Acadian Asset Management LLC bought a new stake in Cummins during the first quarter worth $303,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Cummins during the first quarter worth $1,265,000. BlackRock Inc. raised its stake in Cummins by 2.8% in the first quarter. BlackRock Inc. now owns 400,041 shares of the company’s stock worth $43,981,000 after buying an additional 10,710 shares during the period. BlackRock Group LTD raised its stake in Cummins by 7.5% in the first quarter. BlackRock Group LTD now owns 1,451,567 shares of the company’s stock worth $159,585,000 after buying an additional 100,874 shares during the period. Finally, Columbia Partners L L C Investment Management bought a new stake in Cummins during the first quarter worth $1,044,000. 81.36% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE:CMI) traded down 1.57% on Friday, reaching $128.44. The company’s stock had a trading volume of 1,960,828 shares. The stock has a market cap of $21.58 billion, a PE ratio of 17.59 and a beta of 1.46. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $130.96. The firm has a 50 day moving average price of $123.09 and a 200-day moving average price of $117.18.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.25. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The business earned $4.50 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same period in the prior year, the business earned $2.62 EPS. The business’s revenue for the quarter was down 9.7% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post $8.14 EPS for the current year.
A number of analysts recently commented on the company. BMO Capital Markets reaffirmed a “market perform” rating and issued a $114.00 price target on shares of Cummins in a research note on Monday, September 12th. William Blair set a $110.00 price target on Cummins and gave the stock a “hold” rating in a research note on Thursday, September 8th. Jefferies Group raised their price target on Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a research note on Thursday, September 1st. Citigroup Inc. raised their price target on Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Finally, Credit Agricole SA assumed coverage on Cummins in a research note on Friday, September 30th. They issued a “buy” rating and a $150.00 price target for the company. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $111.35.
In other news, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $122.50, for a total value of $612,500.00. Following the completion of the transaction, the chief financial officer now directly owns 8,024 shares of the company’s stock, valued at approximately $982,940. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Marsha L. Hunt sold 500 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $126.26, for a total value of $63,130.00. Following the completion of the transaction, the vice president now directly owns 2,582 shares of the company’s stock, valued at $326,003.32. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.
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.
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