Perpetual Ltd Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Perpetual Ltd increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 88.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,130 shares of the company’s stock after purchasing an additional 1,000 shares during the period. Perpetual Ltd’s holdings in Cummins were worth $743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in shares of Cummins during the 3rd quarter valued at about $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the third quarter worth about $34,000. Ashton Thomas Securities LLC purchased a new position in Cummins during the third quarter valued at approximately $55,000. Friedenthal Financial acquired a new position in Cummins in the fourth quarter valued at approximately $55,000. Finally, Bangor Savings Bank boosted its position in Cummins by 24.6% in the 4th quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after purchasing an additional 35 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 0.4 %

Shares of CMI opened at $365.76 on Thursday. Cummins Inc. has a 52-week low of $234.04 and a 52-week high of $387.90. The stock has a market cap of $50.17 billion, a PE ratio of 24.16, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. The firm’s fifty day moving average is $363.73 and its two-hundred day moving average is $329.56. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the prior year, the company earned $4.73 EPS. Cummins’s revenue was up .3% compared to the same quarter last year. Research analysts forecast that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

Insider Activity at Cummins

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CMI shares. Citigroup decreased their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. The Goldman Sachs Group increased their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Robert W. Baird boosted their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $374.25.

About Cummins

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.