NorthCrest Asset Manangement LLC Invests $541,000 in Cummins Inc. $CMI

NorthCrest Asset Manangement LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,247 shares of the company’s stock, valued at approximately $541,000.

Other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Cummins by 10.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 51,160 shares of the company’s stock valued at $22,212,000 after buying an additional 5,015 shares during the period. Donoghue Forlines LLC acquired a new stake in shares of Cummins in the third quarter worth approximately $2,263,000. Walkner Condon Financial Advisors LLC purchased a new stake in shares of Cummins during the third quarter worth $208,000. Maryland State Retirement & Pension System grew its stake in Cummins by 1.9% during the 3rd quarter. Maryland State Retirement & Pension System now owns 6,819 shares of the company’s stock valued at $2,880,000 after acquiring an additional 130 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of Cummins by 17.3% in the third quarter. Sequoia Financial Advisors LLC now owns 4,723 shares of the company’s stock valued at $1,995,000 after purchasing an additional 695 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 0.2%

Shares of CMI stock opened at $582.97 on Friday. 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 fifty day simple moving average of $518.77 and a 200-day simple moving average of $442.97. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $587.55. The stock has a market cap of $80.47 billion, a P/E ratio of 30.25, a P/E/G ratio of 2.04 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (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 firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the prior year, the company earned $5.86 EPS. Cummins’s revenue was down 1.6% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Cummins

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 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 filing with the SEC, which is available at the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 19,330 shares of company stock worth $9,135,364. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on CMI. Wells Fargo & Company assumed coverage on Cummins in a research note on Thursday, November 13th. They set an “overweight” rating and a $599.00 target price for the company. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Argus lifted their price objective on Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 30th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 price target on shares of Cummins in a research note on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average price target of $514.00.

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.