Harel Insurance Investments & Financial Services Ltd. Cuts Holdings in Cummins Inc. (CMI)

Harel Insurance Investments & Financial Services Ltd. lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 71.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 200 shares of the company’s stock after selling 500 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in Cummins were worth $32,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Oregon Public Employees Retirement Fund raised its position in Cummins by 12,091.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 12,411,147 shares of the company’s stock worth $93,000 after acquiring an additional 12,309,348 shares during the last quarter. BlackRock Inc. raised its position in Cummins by 2.6% during the fourth quarter. BlackRock Inc. now owns 11,093,954 shares of the company’s stock worth $1,482,593,000 after acquiring an additional 279,849 shares during the last quarter. LSV Asset Management raised its position in Cummins by 13.6% during the fourth quarter. LSV Asset Management now owns 3,674,463 shares of the company’s stock worth $491,055,000 after acquiring an additional 439,936 shares during the last quarter. Geode Capital Management LLC raised its position in Cummins by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 2,495,807 shares of the company’s stock worth $333,085,000 after acquiring an additional 97,017 shares during the last quarter. Finally, Northern Trust Corp raised its position in Cummins by 11.4% during the fourth quarter. Northern Trust Corp now owns 2,472,270 shares of the company’s stock worth $330,394,000 after acquiring an additional 253,893 shares during the last quarter. Institutional investors own 82.08% of the company’s stock.

In related news, insider Srikanth Padmanabhan sold 1,687 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $160.00, for a total value of $269,920.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alexis M. Herman sold 423 shares of the business’s stock in a transaction that occurred on Tuesday, February 12th. The shares were sold at an average price of $150.12, for a total transaction of $63,500.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,316 shares of company stock valued at $364,321. 0.95% of the stock is owned by insiders.

A number of equities analysts have issued reports on the stock. Buckingham Research lifted their target price on shares of Cummins from $160.00 to $172.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Robert W. Baird upgraded shares of Cummins from a “neutral” rating to an “outperform” rating and set a $148.40 target price for the company in a research report on Thursday, February 7th. Oppenheimer lowered shares of Cummins from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 7th. Zacks Investment Research lowered shares of Cummins from a “hold” rating to a “sell” rating in a research report on Wednesday, January 9th. Finally, ValuEngine raised shares of Cummins from a “sell” rating to a “hold” rating in a research report on Friday, February 15th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $163.19.

NYSE:CMI opened at $167.84 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.54 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $26.43 billion, a PE ratio of 11.21, a PEG ratio of 1.16 and a beta of 1.09. Cummins Inc. has a 1-year low of $124.40 and a 1-year high of $171.90.

Cummins (NYSE:CMI) last released its earnings results on Wednesday, February 6th. The company reported $3.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.81 by ($0.33). Cummins had a net margin of 9.01% and a return on equity of 29.71%. The company had revenue of $6.13 billion during the quarter, compared to analysts’ expectations of $6.08 billion. During the same quarter in the previous year, the firm posted $3.03 earnings per share. Cummins’s revenue for the quarter was up 11.9% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 15.47 earnings per share for the current fiscal year.

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About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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