Park Avenue Securities LLC Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Park Avenue Securities LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 29.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,821 shares of the company’s stock after buying an additional 1,333 shares during the quarter. Park Avenue Securities LLC’s holdings in Cummins were worth $2,029,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in CMI. Pathway Financial Advisers LLC boosted its holdings in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares in the last quarter. AXA S.A. boosted its holdings in Cummins by 247.5% in the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after purchasing an additional 163,129 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Cummins by 31.0% in the 2nd quarter. AQR Capital Management LLC now owns 616,876 shares of the company’s stock valued at $170,831,000 after purchasing an additional 145,921 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CMI. Robert W. Baird lifted their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 14th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $374.25.

Cummins Trading Down 0.1 %

Shares of Cummins stock opened at $365.98 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90. The company has a market capitalization of $50.21 billion, a P/E ratio of 24.17, a P/E/G ratio of 1.61 and a beta of 1.01. The business has a 50 day moving average price of $363.33 and a 200 day moving average price of $327.38.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.73 EPS. Sell-side analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders sold 6,489 shares of company stock worth $2,357,531. 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.