Smartleaf Asset Management LLC Has $1.22 Million Stock Position in Cummins Inc. $CMI

Smartleaf Asset Management LLC grew its position in Cummins Inc. (NYSE:CMI) by 52.0% in the third quarter, according to its most recent 13F filing with the Securities and 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Stock Yards Bank & Trust Co. boosted its stake in Cummins by 0.4% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after buying an additional 24 shares in the last quarter. Whittier Trust Co. lifted its holdings in shares of Cummins by 0.9% during the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock worth $1,154,000 after acquiring an additional 24 shares during the period. Howard Capital Management Inc. lifted its holdings in shares of Cummins by 2.9% during the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock worth $365,000 after acquiring an additional 24 shares during the period. BNP Paribas boosted its position in shares of Cummins by 1.8% during the 2nd quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after acquiring an additional 25 shares in the last quarter. Finally, Bridges Investment Management Inc. increased its stake in Cummins by 3.2% in the third quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock valued at $357,000 after acquiring an additional 26 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Morgan Stanley restated an “overweight” rating and set a $675.00 price target on shares of Cummins in a research note on Friday. Wells Fargo & Company raised their target price on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. increased their price objective on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Barclays lifted their price objective on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Finally, Wolfe Research cut shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a research report on Monday, January 26th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $580.73.

Cummins Stock Performance

Shares of NYSE:CMI opened at $601.10 on Tuesday. The business has a fifty day moving average of $543.10 and a 200-day moving average of $464.36. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The firm has a market cap of $82.98 billion, a PE ratio of 29.29, a price-to-earnings-growth ratio of 2.03 and a beta of 1.13.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.16 EPS. On average, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Insider Activity at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction that occurred 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 sale, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by company 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.