Cummins Inc. $CMI Stock Holdings Increased by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC boosted its position in Cummins Inc. (NYSE:CMI) by 3.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 12,971 shares of the company’s stock after buying an additional 450 shares during the period. Concurrent Investment Advisors LLC’s holdings in Cummins were worth $4,248,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Olde Wealth Management LLC bought a new stake in Cummins in the first quarter valued at about $30,000. Accredited Wealth Management LLC bought a new stake in Cummins in the first quarter valued at about $31,000. Opal Wealth Advisors LLC bought a new stake in Cummins in the first quarter valued at about $37,000. Richardson Financial Services Inc. acquired a new position in Cummins in the first quarter valued at approximately $39,000. Finally, Costello Asset Management INC acquired a new position in Cummins in the first quarter valued at approximately $40,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. Citigroup lifted their target price on Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Truist Financial lifted their target price on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. Robert W. Baird lifted their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Finally, Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $397.43.

Insider Transactions at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock valued at $17,674,285 over the last three months. 0.41% of the stock is owned by company insiders.

Cummins Stock Performance

CMI opened at $409.17 on Tuesday. The company has a market capitalization of $56.38 billion, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51. The business has a 50 day moving average price of $408.16 and a two-hundred day moving average price of $350.37.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.26 earnings per share. Research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

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.