Bailard Inc. Raises Stock Holdings in Cummins Inc. $CMI

Bailard Inc. raised its position in shares of Cummins Inc. (NYSE:CMI) by 7.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,830 shares of the company’s stock after buying an additional 4,035 shares during the quarter. Bailard Inc.’s holdings in Cummins were worth $25,270,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC increased its stake in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after buying an additional 1,146 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Cummins by 7.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 14,745 shares of the company’s stock valued at $4,829,000 after buying an additional 1,079 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Cummins by 24.8% during the second quarter. Farther Finance Advisors LLC now owns 3,435 shares of the company’s stock valued at $1,125,000 after buying an additional 682 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its holdings in Cummins by 6.4% in the second quarter. Park Avenue Securities LLC now owns 9,265 shares of the company’s stock worth $3,034,000 after acquiring an additional 556 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent analyst reports. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 price target on shares of Cummins in a research report on Friday, November 7th. Citigroup increased their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Argus boosted their price objective on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Finally, Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $513.07.

Insider Transactions at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins 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 transaction, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,330 shares of company stock worth $9,135,364 in the last three months. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $565.86 on Wednesday. The company has a 50-day moving average price of $514.41 and a 200-day moving average price of $441.01. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $583.08. 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 firm has a market capitalization of $78.11 billion, a P/E ratio of 29.36, a PEG ratio of 2.03 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its earnings results 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 net margin of 7.95% and a return on equity of 26.02%. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same period in the previous year, the business posted $5.86 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

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.