Conning Inc. Lowers Stock Holdings in Cummins Inc. $CMI

Conning Inc. lessened its holdings in Cummins Inc. (NYSE:CMI) by 20.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 84,243 shares of the company’s stock after selling 21,827 shares during the period. Cummins accounts for approximately 1.2% of Conning Inc.’s holdings, making the stock its 13th biggest position. Conning Inc. owned about 0.06% of Cummins worth $35,582,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. BNP Paribas boosted its stake in shares of Cummins by 1.8% in the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after acquiring an additional 25 shares during the period. Orca Wealth Management LLC lifted its holdings in Cummins by 0.6% in the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after purchasing an additional 28 shares in the last quarter. Bowman & Co S.C. boosted its stake in Cummins by 1.0% in the 3rd quarter. Bowman & Co S.C. now owns 2,964 shares of the company’s stock worth $1,259,000 after purchasing an additional 29 shares during the period. V Square Quantitative Management LLC grew its holdings in Cummins by 1.0% during the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after buying an additional 31 shares in the last quarter. Finally, Empirical Finance LLC raised its position in shares of Cummins by 0.7% during the second quarter. Empirical Finance LLC now owns 4,919 shares of the company’s stock valued at $1,611,000 after buying an additional 32 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Trading Down 0.4%

CMI opened at $565.32 on Thursday. The firm has a market cap of $78.04 billion, a P/E ratio of 29.34, a P/E/G ratio of 1.98 and a beta of 1.12. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $569.68. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average of $506.31 and a 200 day moving average of $433.40.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $5.86 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CMI shares. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $475.00 target price on shares of Cummins in a research note on Friday, November 7th. Truist Financial raised their price objective on Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Citigroup lifted their target price on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday. Wells Fargo & Company started coverage on Cummins in a research note on Thursday, November 13th. They set an “overweight” rating and a $599.00 price target for the company. Finally, Raymond James Financial upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target for the company in a report on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $513.07.

Insider Activity at Cummins

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 value of $709,514.00. Following the sale, the insider owned 9,271 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 19,330 shares of company stock worth $9,135,364. Company insiders own 0.41% of the company’s stock.

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.