Axxcess Wealth Management LLC lessened its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 17.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,182 shares of the company's stock after selling 3,750 shares during the quarter. Axxcess Wealth Management LLC's holdings in Cummins were worth $5,627,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Fox Run Management L.L.C. acquired a new stake in shares of Cummins during the 1st quarter worth approximately $2,749,000. Alpha Cubed Investments LLC acquired a new stake in shares of Cummins during the 1st quarter worth approximately $440,000. Invesco Ltd. grew its holdings in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock worth $381,129,000 after purchasing an additional 126,362 shares in the last quarter. Artemis Investment Management LLP grew its holdings in shares of Cummins by 19.1% during the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock worth $2,428,000 after purchasing an additional 1,241 shares in the last quarter. Finally, Jump Financial LLC lifted its position in shares of Cummins by 101.9% during the 1st quarter. Jump Financial LLC now owns 5,843 shares of the company's stock worth $1,831,000 after buying an additional 2,949 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.
Analysts Set New Price Targets
Several equities analysts recently commented on the company. Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Evercore ISI restated an "outperform" rating on shares of Cummins in a research report on Tuesday, August 19th. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Zacks Research upgraded Cummins from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 8th. Finally, Barclays raised their target price on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $407.43.
Check Out Our Latest Stock Report on Cummins
Insider Activity at Cummins
In other news, CFO Mark Andrew Smith sold 8,000 shares of the business's stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Robert Enright sold 1,860 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president owned 955 shares of the company's stock, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock valued at $17,674,285 over the last quarter. 0.41% of the stock is currently owned by corporate insiders.
Cummins Trading Up 2.0%
Shares of CMI opened at $417.31 on Wednesday. The stock has a fifty day moving average price of $409.04 and a two-hundred day moving average price of $350.83. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The company has a market cap of $57.50 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 1.97 and a beta of 1.04.
Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the previous year, the company posted $5.26 EPS. The business's revenue for the quarter was down 1.7% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.
Cummins Company Profile
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Free Report)
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.
See Also
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