Smartleaf Asset Management LLC Purchases 997 Shares of Cummins Inc. $CMI

Smartleaf Asset Management LLC increased its position in shares of Cummins Inc. (NYSE:CMI) by 52.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,914 shares of the company’s stock after acquiring an additional 997 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Cummins were worth $1,222,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC bought a new position in shares of Cummins in the 3rd quarter valued at about $28,000. Osterweis Capital Management Inc. acquired a new position in Cummins in the second quarter valued at approximately $31,000. Guerra Advisors Inc bought a new position in Cummins in the third quarter valued at approximately $36,000. Salomon & Ludwin LLC grew its holdings in Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after acquiring an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC acquired a new stake in Cummins during the 3rd quarter worth $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CMI shares. Argus increased their price target on Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Wells Fargo & Company increased their target price on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Barclays boosted their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Citigroup increased their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Finally, Truist Financial reissued a “buy” rating and set a $703.00 price objective (up previously from $653.00) on shares of Cummins in a research note on Friday. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $580.73.

Cummins Trading Up 4.0%

NYSE CMI opened at $601.10 on Tuesday. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The firm has a market cap of $82.98 billion, a P/E ratio of 29.29, a P/E/G ratio of 2.03 and a beta of 1.13. The stock’s 50-day moving average is $543.10 and its 200-day moving average is $464.36.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the business earned $5.16 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction on Tuesday, November 25th. The shares were 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 of the company’s stock, valued at $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by corporate insiders.

About Cummins

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.