Capital Research Global Investors Has $441.49 Million Position in Cummins Inc. (CMI)
Capital Research Global Investors trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 19.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,721,573 shares of the company’s stock after selling 651,409 shares during the period. Capital Research Global Investors owned about 1.63% of Cummins worth $441,494,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Carroll Financial Associates Inc. lifted its position in shares of Cummins by 13.4% during 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 during the last quarter. Captrust Financial Advisors purchased a new stake in shares of Cummins during the second quarter valued at $137,000. First Interstate Bank boosted its stake in shares of 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 during the period. Acrospire Investment Management LLC purchased a new stake in shares of Cummins during the second quarter valued at $146,000. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Cummins during the first quarter valued at $150,000. 80.38% of the stock is currently owned by institutional investors.
CMI has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Thursday, July 20th. Goldman Sachs Group, Inc. (The) lowered shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective for the company. in a report on Monday, August 7th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Buckingham Research assumed coverage on shares of Cummins in a report on Tuesday, September 5th. They set a “buy” rating and a $180.00 price objective for the company. Finally, Stifel Nicolaus boosted their price objective on shares of Cummins from $155.00 to $160.00 and gave the company a “hold” rating in a research report on Thursday, June 15th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $162.02.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.2737% on Wednesday, hitting $171.2875. The stock had a trading volume of 202,988 shares. Cummins Inc. has a 12-month low of $121.22 and a 12-month high of $172.32. The firm has a market cap of $28.61 billion, a price-to-earnings ratio of 19.3611 and a beta of 1.13. The stock has a 50 day moving average of $161.31 and a 200 day moving average of $158.17.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by ($0.05). The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.40 EPS. Equities analysts predict that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
In other news, COO Richard Joseph Freeland sold 22,550 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the completion of the transaction, the chief operating officer now directly owns 14,131 shares of the company’s stock, valued at $2,331,615. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jill E. Cook sold 7,000 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $165.86, for a total value of $1,161,020.00. Following the transaction, the insider now directly owns 9,671 shares of the company’s stock, valued at $1,604,032.06. The disclosure for this sale can be found here. Insiders have sold 44,183 shares of company stock worth $7,320,858 in the last ninety days. Corporate insiders own 0.62% of the company’s stock.
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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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