Peddock Capital Advisors LLC Boosts Stake in Cummins Inc. (NYSE:CMI)

Peddock Capital Advisors LLC raised its position in shares of Cummins Inc. (NYSE:CMI) by 2.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,520 shares of the company’s stock after purchasing an additional 195 shares during the quarter. Peddock Capital Advisors LLC’s holdings in Cummins were worth $2,759,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins during the second quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter worth $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the second quarter worth $29,000. LRI Investments LLC purchased a new position in shares of Cummins in the first quarter worth $31,000. Finally, Quarry LP lifted its holdings in shares of Cummins by 258.5% in the fourth quarter. Quarry LP now owns 147 shares of the company’s stock worth $35,000 after buying an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 0.6 %

CMI stock traded up $1.99 during mid-day trading on Wednesday, reaching $331.60. 37,508 shares of the stock traded hands, compared to its average volume of 1,595,899. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a one year low of $212.80 and a one year high of $333.97. The stock has a market capitalization of $45.36 billion, a PE ratio of 24.12, a PEG ratio of 1.81 and a beta of 0.98. The business has a 50-day moving average price of $306.06 and a two-hundred day moving average price of $292.54.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter in the previous year, the business posted $5.18 earnings per share. The business’s revenue was up 2.3% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 19.77 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on CMI shares. Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Robert W. Baird upped their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Barclays upped their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, Raymond James began coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $299.55.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

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.