C M Bidwell & Associates Ltd. purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 25,840 shares of the company’s stock, valued at approximately $4,192,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC grew its position in Cummins by 62.9% during the second quarter. Cubist Systematic Strategies LLC now owns 13,429 shares of the company’s stock valued at $2,178,000 after buying an additional 5,185 shares during the period. Green Square Capital LLC grew its position in Cummins by 3.2% during the second quarter. Green Square Capital LLC now owns 42,898 shares of the company’s stock valued at $6,959,000 after buying an additional 1,333 shares during the period. Cornerstone Capital Management Holdings LLC. grew its position in Cummins by 312.8% during the second quarter. Cornerstone Capital Management Holdings LLC. now owns 187,477 shares of the company’s stock valued at $30,411,000 after buying an additional 142,065 shares during the period. FTB Advisors Inc. grew its position in Cummins by 12.9% during the second quarter. FTB Advisors Inc. now owns 16,270 shares of the company’s stock valued at $2,618,000 after buying an additional 1,863 shares during the period. Finally, Janus Henderson Group PLC grew its position in Cummins by 784.9% during the second quarter. Janus Henderson Group PLC now owns 784,776 shares of the company’s stock valued at $127,307,000 after buying an additional 696,090 shares during the period. Institutional investors own 80.38% of the company’s stock.

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Several research firms recently commented on CMI. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $188.00 price target on the stock in a research report on Monday, October 2nd. Wells Fargo & Company raised their price target on shares of Cummins from $184.50 to $190.00 and gave the company a “market perform” rating in a research report on Friday. Jefferies Group LLC restated a “hold” rating and set a $165.00 price target (up previously from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus restated a “hold” rating and set a $168.00 price target (up previously from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $159.00 price target on shares of Cummins in a research report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $163.77.

Cummins Inc. (CMI) traded up 0.23% during trading on Friday, reaching $172.11. 903,038 shares of the company’s stock traded hands. Cummins Inc. has a one year low of $121.22 and a one year high of $172.72. The firm’s 50 day moving average price is $162.87 and its 200-day moving average price is $158.49. The stock has a market cap of $28.74 billion, a P/E ratio of 19.45 and a beta of 1.13.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by ($0.05). Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the company earned $2.40 earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.

In other news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the transaction, the director now directly owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jill E. Cook sold 7,000 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $165.86, for a total transaction of $1,161,020.00. Following the transaction, the insider now directly owns 9,671 shares in the company, valued at $1,604,032.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,633 shares of company stock worth $2,942,108. Corporate insiders own 0.62% of the company’s stock.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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