Bailard Inc. Reduces Position in Cummins Inc. $CMI

Bailard Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 4.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 57,435 shares of the company’s stock after selling 2,395 shares during the quarter. Bailard Inc.’s holdings in Cummins were worth $29,318,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CMI. Boston Partners bought a new position in Cummins in the 3rd quarter worth about $473,471,000. London Co. of Virginia bought a new position in Cummins in the 3rd quarter worth about $231,732,000. Bank of New York Mellon Corp grew its stake in Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Nordea Investment Management AB grew its stake in Cummins by 103.8% in the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after acquiring an additional 278,350 shares in the last quarter. Finally, Merewether Investment Management LP bought a new position in Cummins in the 3rd quarter worth about $91,147,000. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president owned 7,214 shares in the company, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 34,073 shares of company stock valued at $20,794,687. 0.30% of the stock is currently owned by corporate insiders.

Cummins Price Performance

NYSE CMI opened at $701.70 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The firm’s 50 day moving average price is $590.90 and its 200-day moving average price is $547.40. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The company has a market cap of $96.83 billion, a PE ratio of 36.41, a P/E/G ratio of 1.71 and a beta of 1.27.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period last year, the firm earned $5.96 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 28.39 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on CMI. Morgan Stanley upped their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Raymond James Financial upped their target price on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Finally, Truist Financial set a $815.00 target price on shares of Cummins in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $677.87.

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.