Perpetual Ltd Grows Stock Position in Cummins Inc. (NYSE:CMI)

Perpetual Ltd increased its holdings in Cummins Inc. (NYSE:CMI) by 88.5% in the 4th quarter, HoldingsChannel reports. The fund owned 2,130 shares of the company’s stock after purchasing an additional 1,000 shares during the quarter. Perpetual Ltd’s holdings in Cummins were worth $743,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Pathway Financial Advisers LLC grew its holdings in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the period. International Assets Investment Management LLC boosted its stake in Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after buying an additional 972,247 shares during the period. Fisher Asset Management LLC increased its position in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares during the last quarter. AXA S.A. raised its stake in shares of Cummins by 247.5% in the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after acquiring an additional 163,129 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Cummins by 31.0% in the 2nd quarter. AQR Capital Management LLC now owns 616,876 shares of the company’s stock worth $170,831,000 after acquiring an additional 145,921 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $365.76 on Thursday. Cummins Inc. has a 12 month low of $234.04 and a 12 month high of $387.90. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market cap of $50.17 billion, a P/E ratio of 24.16, a PEG ratio of 1.69 and a beta of 1.01. The firm has a fifty day moving average price of $363.73 and a 200 day moving average price of $329.56.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.73 EPS. Sell-side analysts predict that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last three months. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on CMI shares. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Robert W. Baird raised their target price on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $374.25.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.