Conning Inc. Reduces Position in Cummins Inc. $CMI

Conning Inc. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 20.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 84,243 shares of the company’s stock after selling 21,827 shares during the quarter. Cummins makes up about 1.2% of Conning Inc.’s portfolio, making the stock its 13th biggest position. Conning Inc.’s holdings in Cummins were worth $35,582,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new stake in Cummins in the second quarter worth $505,941,000. American Century Companies Inc. grew its holdings in shares of Cummins by 138.8% in the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after purchasing an additional 528,689 shares during the last quarter. Ontario Teachers Pension Plan Board grew its holdings in shares of Cummins by 5,158.9% in the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after purchasing an additional 427,670 shares during the last quarter. Vanguard Group Inc. increased its stake in Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after buying an additional 344,680 shares during the period. Finally, Amundi lifted its holdings in Cummins by 48.6% during the 2nd quarter. Amundi now owns 1,030,767 shares of the company’s stock valued at $343,699,000 after buying an additional 337,074 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday. Citigroup raised their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays reaffirmed a “positive” rating on shares of Cummins in a research report on Friday, December 19th. Raymond James Financial raised Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target on the stock in a research report on Monday, December 22nd. Finally, Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 30th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $513.07.

Cummins Trading Down 0.4%

NYSE:CMI opened at $565.32 on Thursday. The company has a market capitalization of $78.04 billion, a P/E ratio of 29.34, a PEG ratio of 1.98 and a beta of 1.12. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $569.68. The firm has a fifty day simple moving average of $506.31 and a 200-day simple moving average of $433.40.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same quarter last year, the business posted $5.86 EPS. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Insider Activity at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider directly owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This represents a 13.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. The trade was a 29.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 19,330 shares of company stock worth $9,135,364 over the last quarter. Insiders own 0.41% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.