Parnassus Investments CA Grows Stake in Cummins Inc. (CMI)

Parnassus Investments CA lifted its position in shares of Cummins Inc. (NYSE:CMI) by 76.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,500,000 shares of the company’s stock after buying an additional 650,000 shares during the quarter. Parnassus Investments CA owned approximately 0.93% of Cummins worth $200,460,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Cummins by 11.6% during the second quarter. FMR LLC now owns 2,385,506 shares of the company’s stock valued at $317,272,000 after buying an additional 248,721 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Cummins by 2.1% during the third quarter. Bank of Montreal Can now owns 435,614 shares of the company’s stock valued at $63,630,000 after buying an additional 8,772 shares during the last quarter. City Holding Co. grew its holdings in shares of Cummins by 23.0% during the third quarter. City Holding Co. now owns 9,423 shares of the company’s stock valued at $1,376,000 after buying an additional 1,760 shares during the last quarter. Capital Investment Advisors LLC grew its holdings in shares of Cummins by 16.4% during the third quarter. Capital Investment Advisors LLC now owns 43,930 shares of the company’s stock valued at $6,417,000 after buying an additional 6,179 shares during the last quarter. Finally, Stock Yards Bank & Trust Co. purchased a new stake in shares of Cummins during the third quarter valued at approximately $287,000. 89.03% of the stock is owned by institutional investors and hedge funds.

In other Cummins news, CEO Norman Thomas Linebarger sold 24,830 shares of Cummins stock in a transaction on Monday, December 17th. The shares were sold at an average price of $133.19, for a total value of $3,307,107.70. Following the completion of the transaction, the chief executive officer now directly owns 84,418 shares of the company’s stock, valued at approximately $11,243,633.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Marya M. Rose sold 10,970 shares of Cummins stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $155.00, for a total transaction of $1,700,350.00. Following the completion of the transaction, the chief accounting officer now directly owns 26,035 shares of the company’s stock, valued at $4,035,425. The disclosure for this sale can be found here. Insiders have sold 44,582 shares of company stock valued at $6,340,889 over the last ninety days. 0.67% of the stock is currently owned by corporate insiders.

A number of brokerages recently weighed in on CMI. Mizuho set a $155.00 price objective on shares of Cummins and gave the company a “hold” rating in a research report on Saturday. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $157.00 price objective on the stock in a research report on Tuesday, October 23rd. Oppenheimer restated a “market perform” rating and set a $164.00 price objective on shares of Cummins in a research report on Thursday, February 7th. Finally, CIBC restated a “market perform” rating on shares of Cummins in a research report on Thursday, February 7th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $161.07.

Shares of NYSE CMI opened at $148.18 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.95. The firm has a market capitalization of $23.79 billion, a PE ratio of 11.20, a PEG ratio of 1.03 and a beta of 1.14. Cummins Inc. has a 1 year low of $124.40 and a 1 year high of $173.32.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Wednesday, February 6th. The company reported $3.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.81 by ($0.33). The firm had revenue of $6.13 billion during the quarter, compared to analysts’ expectations of $6.08 billion. Cummins had a return on equity of 29.71% and a net margin of 9.01%. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period last year, the company earned $3.03 earnings per share. As a group, research analysts predict that Cummins Inc. will post 15.48 earnings per share for the current fiscal year.

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Cummins 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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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