Financial Enhancement Group LLC Raises Stake in Cummins Inc. (CMI)
Financial Enhancement Group LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 3.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,657 shares of the company’s stock after purchasing an additional 1,002 shares during the period. Cummins comprises 2.2% of Financial Enhancement Group LLC’s portfolio, making the stock its 18th largest holding. Financial Enhancement Group LLC’s holdings in Cummins were worth $5,135,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Carroll Financial Associates Inc. lifted its position in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after purchasing an additional 83 shares in the last quarter. Captrust Financial Advisors purchased a new position in Cummins during the second quarter valued at approximately $137,000. Acrospire Investment Management LLC purchased a new position in Cummins during the second quarter valued at approximately $146,000. First Interstate Bank grew its position in Cummins by 26.3% during the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after purchasing an additional 194 shares in the last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in Cummins during the first quarter valued at approximately $150,000. Institutional investors own 80.38% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) traded up 0.45% during trading on Tuesday, reaching $170.09. The company’s stock had a trading volume of 309,106 shares. The stock’s 50 day moving average price is $160.90 and its 200 day moving average price is $158.05. The company has a market cap of $28.41 billion, a PE ratio of 19.23 and a beta of 1.13. Cummins Inc. has a 52 week low of $121.22 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by ($0.05). Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the company posted $2.40 EPS. The business’s revenue was up 12.1% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post $7.98 EPS for the current year.
In other news, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $164.50, for a total value of $658,000.00. Following the sale, the insider now directly owns 41,902 shares of the company’s stock, valued at approximately $6,892,879. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Richard Joseph Freeland sold 22,550 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the completion of the sale, the chief operating officer now directly owns 14,131 shares in the company, valued at $2,331,615. The disclosure for this sale can be found here. In the last three months, insiders sold 44,183 shares of company stock valued at $7,320,858. 0.62% of the stock is currently owned by insiders.
CMI has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Deutsche Bank AG boosted their price target on shares of Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a report on Tuesday, July 4th. ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) downgraded shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price target on the stock. in a research note on Monday, August 7th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 price objective on shares of Cummins in a report on Monday, June 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $162.02.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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