Strengthening Families & Communities LLC Acquires 8,567 Shares of Cummins Inc. $CMI

Strengthening Families & Communities LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 2,719.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 8,882 shares of the company’s stock after buying an additional 8,567 shares during the quarter. Cummins makes up about 0.8% of Strengthening Families & Communities LLC’s investment portfolio, making the stock its 27th largest holding. Strengthening Families & Communities LLC’s holdings in Cummins were worth $3,717,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Cummins during the 2nd quarter valued at $505,941,000. American Century Companies Inc. boosted its stake in shares of Cummins by 138.8% during the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after purchasing an additional 528,689 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after buying an additional 488,430 shares during the period. Ontario Teachers Pension Plan Board raised its stake in 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 buying an additional 427,670 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Cummins by 2.0% in the second 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. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the sale, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This represents a 13.52% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 19,130 shares of company stock worth $9,045,544. Company insiders own 0.41% of the company’s stock.

Cummins Trading Up 2.7%

NYSE:CMI opened at $594.46 on Tuesday. The stock has a market cap of $82.06 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 2.03 and a beta of 1.13. 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 company’s 50 day moving average price is $534.21 and its 200-day moving average price is $456.28. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $595.25.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $7.97 billion. During the same period in the prior year, the firm posted $5.86 EPS. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Truist Financial increased their price objective on Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a report on Thursday, December 18th. JPMorgan Chase & Co. raised their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. UBS Group raised shares of Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday, November 25th. Finally, Barclays increased their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $522.07.

Cummins 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.