QRG Capital Management Inc. Lowers Stock Position in Cummins Inc. $CMI

QRG Capital Management Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 58.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,577 shares of the company’s stock after selling 27,800 shares during the period. QRG Capital Management Inc.’s holdings in Cummins were worth $8,269,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Osterweis Capital Management Inc. acquired a new stake in shares of Cummins in the second quarter valued at about $31,000. Salomon & Ludwin LLC increased its holdings in Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares in the last quarter. Tripletail Wealth Management LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at approximately $39,000. CNB Bank purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $43,000. Finally, SJS Investment Consulting Inc. boosted its stake in shares of Cummins by 1,414.3% during the 3rd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $45,000 after acquiring an additional 99 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity

In related news, insider Brett Michael Merritt sold 1,450 shares of the company’s 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 completion of the transaction, 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 document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 19,330 shares of company stock valued at $9,135,364 in the last 90 days. 0.41% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CMI. JPMorgan Chase & Co. upped their target price on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 target price on shares of Cummins in a report on Friday, November 7th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Barclays reiterated a “positive” rating on shares of Cummins in a research report on Friday, December 19th. Finally, UBS Group raised shares of Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $513.07.

Cummins Trading Up 0.9%

Shares of CMI opened at $580.15 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $583.08. The stock has a fifty day moving average of $510.68 and a two-hundred day moving average of $436.88. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The company has a market capitalization of $80.08 billion, a PE ratio of 30.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12.

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

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.