DAVENPORT & Co LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 4.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,960 shares of the company’s stock after selling 1,285 shares during the period. DAVENPORT & Co LLC’s holdings in Cummins were worth $4,098,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of CMI. Riverview Trust Co bought a new stake in Cummins in the fourth quarter worth $27,000. Ipswich Investment Management Co. Inc. bought a new stake in Cummins during the fourth quarter valued at about $28,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Cummins during the fourth quarter valued at about $32,000. Bremer Trust National Association acquired a new position in shares of Cummins during the fourth quarter valued at about $35,000. Finally, We Are One Seven LLC acquired a new position in shares of Cummins during the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 83.03% of the company’s stock.
In other Cummins news, Director Alexis M. Herman sold 423 shares of the stock in a transaction on Tuesday, February 12th. The shares were sold at an average price of $150.12, for a total value of $63,500.76. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Srikanth Padmanabhan sold 1,687 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $160.00, for a total transaction of $269,920.00. The disclosure for this sale can be found here. 0.95% of the stock is currently owned by company insiders.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $4.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.51 by $0.69. Cummins had a net margin of 10.24% and a return on equity of 30.72%. The firm had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same period last year, the firm earned $3.30 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 16.19 EPS for the current fiscal year.
A number of brokerages have recently commented on CMI. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research report on Friday, May 3rd. Stifel Nicolaus increased their price target on shares of Cummins from $176.00 to $183.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. UBS Group increased their price target on shares of Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a research report on Wednesday, May 1st. Loop Capital lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $166.29 price target for the company. in a research report on Wednesday, May 1st. Finally, Credit Suisse Group increased their price target on shares of Cummins from $165.00 to $198.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $166.16.
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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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