South Texas Money Management Ltd. acquired a new stake in Cummins Inc. (NYSE:CMI) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,735 shares of the company’s stock, valued at approximately $432,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Morgan Stanley raised its holdings in shares of Cummins by 5.3% in the 3rd quarter. Morgan Stanley now owns 1,727,365 shares of the company’s stock valued at $252,315,000 after purchasing an additional 86,791 shares in the last quarter. Jolley Asset Management LLC raised its holdings in shares of Cummins by 4.2% in the 4th quarter. Jolley Asset Management LLC now owns 28,445 shares of the company’s stock valued at $3,801,000 after purchasing an additional 1,138 shares in the last quarter. First Hawaiian Bank raised its holdings in shares of Cummins by 21.2% in the 4th quarter. First Hawaiian Bank now owns 7,661 shares of the company’s stock valued at $1,023,000 after purchasing an additional 1,338 shares in the last quarter. Paradigm Asset Management Co. LLC raised its holdings in shares of Cummins by 0.9% in the 3rd quarter. Paradigm Asset Management Co. LLC now owns 17,350 shares of the company’s stock valued at $2,534,000 after purchasing an additional 150 shares in the last quarter. Finally, DNB Asset Management AS raised its holdings in shares of Cummins by 2.0% in the 4th quarter. DNB Asset Management AS now owns 43,723 shares of the company’s stock valued at $5,843,000 after purchasing an additional 867 shares in the last quarter. Institutional investors and hedge funds own 82.08% of the company’s stock.
In other Cummins news, VP Tracy A. Embree sold 206 shares of the firm’s stock in a transaction on Wednesday, February 6th. The shares were sold at an average price of $150.00, for a total transaction of $30,900.00. Following the transaction, the vice president now directly owns 4,221 shares of the company’s stock, valued at approximately $633,150. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Richard Joseph Freeland sold 4,500 shares of the firm’s stock in a transaction on Friday, January 18th. The stock was sold at an average price of $150.00, for a total transaction of $675,000.00. Following the transaction, the chief operating officer now directly owns 4,500 shares in the company, valued at $675,000. The disclosure for this sale can be found here. Insiders have sold a total of 6,816 shares of company stock worth $1,039,321 over the last three months. 0.95% of the stock is currently owned by insiders.
Shares of Cummins stock opened at $167.22 on Wednesday. Cummins Inc. has a 1 year low of $124.40 and a 1 year high of $172.08. The company has a current ratio of 1.54, a quick ratio of 0.95 and a debt-to-equity ratio of 0.19. The firm has a market cap of $26.33 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 1.14 and a beta of 1.09.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Wednesday, February 6th. The company reported $3.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.81 by ($0.33). Cummins had a return on equity of 29.71% and a net margin of 9.01%. The business had revenue of $6.13 billion for the quarter, compared to analysts’ expectations of $6.08 billion. During the same period in the previous year, the business posted $3.03 earnings per share. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 15.47 EPS for the current year.
Several brokerages recently commented on CMI. Buckingham Research lifted their price target on shares of Cummins from $160.00 to $172.00 and gave the stock a “neutral” rating in a research note on Tuesday. Citigroup upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $155.00 to $190.00 in a research note on Tuesday. Piper Jaffray Companies set a $195.00 price target on shares of Cummins and gave the stock a “buy” rating in a research note on Thursday, April 4th. ValuEngine upgraded shares of Cummins from a “sell” rating to a “hold” rating in a research note on Friday, February 15th. Finally, Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, February 12th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and a consensus target price of $163.19.
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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