Raub Brock Capital Management LP increased its stake in shares of Cummins Inc. (NYSE:CMI) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,533 shares of the company’s stock after buying an additional 2,025 shares during the period. Cummins accounts for 3.9% of Raub Brock Capital Management LP’s holdings, making the stock its 11th largest position. Raub Brock Capital Management LP’s holdings in Cummins were worth $12,991,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. AXA increased its stake in shares of Cummins by 991.1% in the first quarter. AXA now owns 1,056,200 shares of the company’s stock valued at $116,118,000 after buying an additional 959,400 shares in the last quarter. Bank of Montreal Can purchased a new stake in Cummins during the second quarter worth $53,030,000. Nordea Investment Management AB increased its stake in Cummins by 29.1% in the second quarter. Nordea Investment Management AB now owns 1,055,879 shares of the company’s stock worth $118,723,000 after buying an additional 237,982 shares during the period. Boston Advisors LLC increased its stake in Cummins by 8,914.4% in the second quarter. Boston Advisors LLC now owns 186,148 shares of the company’s stock worth $20,930,000 after buying an additional 184,083 shares during the period. Finally, Candriam Luxembourg S.C.A. increased its stake in Cummins by 1,564.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 162,048 shares of the company’s stock worth $18,221,000 after buying an additional 152,315 shares during the period. Institutional investors own 81.36% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded down 0.23% during trading on Monday, hitting $127.86. 1,125,608 shares of the stock traded hands. The firm has a market capitalization of $21.48 billion, a price-to-earnings ratio of 17.51 and a beta of 1.46. Cummins Inc. has a 1-year low of $79.88 and a 1-year high of $128.69. The firm has a 50-day moving average of $122.84 and a 200-day moving average of $116.57.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.25. The business had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The firm’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same quarter last year, the business posted $2.62 EPS. On average, equities analysts forecast that Cummins Inc. will post $8.14 earnings per share for the current year.
A number of equities research analysts recently weighed in on CMI shares. Deutsche Bank AG started coverage on Cummins in a research report on Tuesday, September 6th. They set a “sell” rating and a $111.00 target price on the stock. Credit Agricole SA started coverage on Cummins in a research report on Friday. They set a “buy” rating and a $150.00 target price on the stock. Citigroup Inc. lifted 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. BMO Capital Markets reissued a “market perform” rating and set a $114.00 target price on shares of Cummins in a research report on Monday, September 12th. Finally, Jefferies Group reissued a “hold” rating and set a $115.00 target price on shares of Cummins in a research report on Thursday, July 7th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $111.35.
In related news, VP Thaddeus B. Ewald sold 820 shares of the stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $126.95, for a total transaction of $104,099.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jill E. Cook sold 5,981 shares of the 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 sale, the insider now owns 24,800 shares in the company, valued at approximately $2,980,960. The disclosure for this sale can be found here. Corporate 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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