CG Asset Management LLC raised its stake in Cummins Inc. (NYSE:CMI) by 1.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 42,395 shares of the company’s stock after buying an additional 535 shares during the period. Cummins makes up 1.9% of CG Asset Management LLC’s investment portfolio, making the stock its 13th largest position. CG Asset Management LLC’s holdings in Cummins were worth $4,767,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. First Manhattan Co. boosted its position in shares of 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 during the period. Kanaly Trust Co boosted its position in shares of 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 during the period. FCM Investments TX boosted its position in shares of 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 during the period. Americafirst Capital Management LLC acquired a new position in shares of Cummins during the second quarter valued at $139,000. Finally, Checchi Capital Advisers LLC boosted its position in shares of 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 during the period. Hedge funds and other institutional investors own 81.36% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded down 0.23% during mid-day trading on Monday, hitting $127.86. The stock had a trading volume of 1,125,608 shares. Cummins Inc. has a one year low of $79.88 and a one year high of $128.69. The firm’s 50-day moving average price is $122.84 and its 200 day moving average price is $116.57. The company has a market cap of $21.48 billion, a PE ratio of 17.51 and a beta of 1.46.
Cummins (NYSE:CMI) last announced 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. The business 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 business’s quarterly revenue was down 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.62 EPS. On average, equities research analysts anticipate that Cummins Inc. will post $8.14 EPS for the current year.
Several research firms recently issued reports on CMI. Citigroup Inc. increased their target price on shares of Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. Jefferies Group increased their target price on shares of Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a report on Thursday, September 1st. William Blair set a $110.00 target price on shares of Cummins and gave the stock a “hold” rating in a report on Thursday, September 8th. BMO Capital Markets reissued a “market perform” rating and issued a $114.00 target price on shares of Cummins in a report on Monday, September 12th. Finally, Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and a consensus target price of $111.35.
In related news, insider Jill E. Cook sold 5,981 shares of the business’s stock in a transaction that occurred 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 directly owns 24,800 shares in the company, valued at $2,980,960. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Marsha L. Hunt sold 500 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now owns 2,582 shares of the company’s stock, valued at $326,003.32. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.
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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