Gibraltar Capital Management Inc. Decreases Stake in Cummins Inc. $CMI

Gibraltar Capital Management Inc. cut its holdings in Cummins Inc. (NYSE:CMI) by 5.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,200 shares of the company’s stock after selling 1,234 shares during the period. Cummins comprises about 1.5% of Gibraltar Capital Management Inc.’s holdings, making the stock its 17th largest position. Gibraltar Capital Management Inc.’s holdings in Cummins were worth $8,532,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CMI. BNP Paribas lifted its stake in Cummins by 1.8% during the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after purchasing an additional 25 shares during the last quarter. Orca Wealth Management LLC raised its holdings in Cummins by 0.6% during the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after purchasing an additional 28 shares in the last quarter. Bowman & Co S.C. lifted its position in shares of Cummins by 1.0% during the 3rd quarter. Bowman & Co S.C. now owns 2,964 shares of the company’s stock worth $1,259,000 after buying an additional 29 shares during the last quarter. V Square Quantitative Management LLC boosted its holdings in shares of Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after buying an additional 31 shares in the last quarter. Finally, Empirical Finance LLC grew its position in shares of Cummins by 0.7% in the 2nd quarter. Empirical Finance LLC now owns 4,919 shares of the company’s stock valued at $1,611,000 after buying an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $580.15 on Friday. The stock’s 50-day moving average price is $510.68 and its 200 day moving average price is $436.14. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $80.08 billion, a PE ratio of 30.11, a price-to-earnings-growth ratio of 2.01 and a beta of 1.12. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $583.08.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating 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 business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the previous year, the company posted $5.86 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Insider Transactions at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider directly owned 9,271 shares in the company, valued at $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 19,330 shares of company stock worth $9,135,364. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. JPMorgan Chase & Co. upped their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday. Barclays reaffirmed a “positive” rating on shares of Cummins in a research report on Friday, December 19th. Truist Financial increased their price objective on Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a report on Thursday, December 18th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 target price on shares of Cummins in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $513.07.

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.