Cpwm LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 5,880 shares of the company’s stock, valued at approximately $928,000.
A number of other large investors have also made changes to their positions in CMI. Riverview Trust Co acquired a new position in shares of Cummins in the fourth quarter valued at about $27,000. Ipswich Investment Management Co. Inc. acquired a new position in shares of Cummins in the fourth quarter valued at about $28,000. Guidant Wealth Advisors acquired a new position in shares of Cummins in the first quarter valued at about $29,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Cummins in the fourth quarter valued at about $32,000. Finally, SeaBridge Investment Advisors LLC acquired a new position in shares of Cummins in the first quarter valued at about $32,000. 83.03% of the stock is currently owned by institutional investors.
A number of brokerages have recently weighed in on CMI. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Friday, May 3rd. Stifel Nicolaus increased their price objective on Cummins from $176.00 to $183.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. UBS Group increased their price objective on Cummins from $130.00 to $135.00 and gave the company a “sell” rating in a report on Wednesday, May 1st. Credit Suisse Group upped their target price on Cummins from $165.00 to $198.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 1st. Finally, Loop Capital downgraded Cummins from a “buy” rating to a “hold” rating and set a $166.29 target price on the stock. in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. Cummins presently has a consensus rating of “Hold” and an average price target of $165.61.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, April 30th. The company reported $4.20 EPS for the quarter, topping analysts’ consensus estimates of $3.51 by $0.69. Cummins had a return on equity of 30.72% and a net margin of 10.24%. The firm had revenue of $6 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the business earned $3.30 earnings per share. The company’s revenue was up 7.8% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 16.19 EPS for the current fiscal year.
In other news, insider Srikanth Padmanabhan sold 1,687 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $160.00, for a total value of $269,920.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.95% of the stock is owned by corporate insiders.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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