Cummins Inc. (NYSE:CMI) Shares Purchased by Park Avenue Securities LLC

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

Several other large investors also recently modified their holdings of CMI. Pathway Financial Advisers LLC grew its stake in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Cummins by 38,765.8% in the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after acquiring an additional 972,247 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares during the last quarter. AXA S.A. lifted its holdings in Cummins by 247.5% in the second quarter. AXA S.A. now owns 229,051 shares of the company’s stock worth $63,431,000 after acquiring an additional 163,129 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Cummins by 31.0% during the second quarter. AQR Capital Management LLC now owns 616,876 shares of the company’s stock valued at $170,831,000 after buying an additional 145,921 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company’s stock.

Cummins Trading Down 0.1 %

Shares of NYSE:CMI opened at $365.98 on Friday. The stock has a market capitalization of $50.21 billion, a PE ratio of 24.17, a P/E/G ratio of 1.61 and a beta of 1.01. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90. The firm has a fifty day moving average price of $363.33 and a 200 day moving average price of $327.38. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the company earned $4.73 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. Analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 14th. Truist Financial lifted their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday. Robert W. Baird lifted 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. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised shares of 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 research note on Monday, December 9th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $374.25.

Cummins Company Profile

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.