Rakuten Investment Management Inc. Invests $10.66 Million in Cummins Inc. $CMI

Rakuten Investment Management Inc. purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 25,248 shares of the company’s stock, valued at approximately $10,664,000.

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

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research analyst reports. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Barclays restated a “positive” rating on shares of Cummins in a research note on Friday, December 19th. Argus lifted their price target on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Finally, Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective on the stock in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus price target of $514.00.

Cummins Trading Up 2.8%

Cummins stock opened at $581.53 on Thursday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $584.70. The company has a market cap of $80.27 billion, a P/E ratio of 30.18, a P/E/G ratio of 1.98 and a beta of 1.12. 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 business has a 50-day simple moving average of $516.47 and a two-hundred day simple moving average of $441.99.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $5.86 earnings per share. Analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Insider Transactions at Cummins

In related news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction 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. The trade was a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value 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 position. The disclosure for this sale is available in the SEC filing. Insiders have sold 19,330 shares of company stock worth $9,135,364 in the last 90 days. 0.41% of the stock is currently owned by insiders.

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.