Artemis Investment Management LLP Makes New Investment in Cummins Inc. (NYSE:CMI)

Artemis Investment Management LLP bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 6,506 shares of the company’s stock, valued at approximately $2,268,000.

A number of other hedge funds have also recently made changes to their positions in CMI. Seven Eight Capital LP bought a new position in shares of Cummins during the second quarter valued at $479,000. Ieq Capital LLC increased its stake in Cummins by 13.9% during the 2nd quarter. Ieq Capital LLC now owns 7,078 shares of the company’s stock valued at $1,960,000 after purchasing an additional 865 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Cummins by 44.5% in the second quarter. Canada Pension Plan Investment Board now owns 145,309 shares of the company’s stock worth $40,240,000 after buying an additional 44,762 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Cummins by 11.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 31,394 shares of the company’s stock worth $8,694,000 after buying an additional 3,200 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Cummins by 244.6% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 6,034 shares of the company’s stock valued at $1,671,000 after buying an additional 4,283 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the topic of several analyst reports. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. The Goldman Sachs Group upped their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 14th. Citigroup dropped their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $374.25.

Cummins Trading Down 0.1 %

Shares of Cummins stock opened at $365.98 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The stock has a market capitalization of $50.21 billion, a PE ratio of 24.17, a P/E/G ratio of 1.61 and a beta of 1.01. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90. The company’s fifty day simple moving average is $363.33 and its 200-day simple moving average is $327.80.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the company posted $4.73 earnings per share. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

Cummins Company Profile

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.