Johnson Investment Counsel Inc. Has $708,000 Stock Holdings in Cummins Inc. $CMI

Johnson Investment Counsel Inc. increased its position in shares of Cummins Inc. (NYSE:CMI) by 13.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,161 shares of the company’s stock after purchasing an additional 260 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Cummins were worth $708,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CMI. Fox Run Management L.L.C. bought a new stake in Cummins in the first quarter valued at about $2,749,000. Alpha Cubed Investments LLC acquired a new stake in shares of Cummins during the first quarter worth about $440,000. Invesco Ltd. raised its position in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. Artemis Investment Management LLP raised its position in shares of Cummins by 19.1% during the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock worth $2,428,000 after purchasing an additional 1,241 shares during the period. Finally, Jump Financial LLC raised its position in shares of Cummins by 101.9% during the first quarter. Jump Financial LLC now owns 5,843 shares of the company’s stock worth $1,831,000 after purchasing an additional 2,949 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CMI shares. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Truist Financial increased their price objective on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Citigroup increased their price objective on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Robert W. Baird increased their price objective on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus price target of $407.43.

Cummins Stock Performance

NYSE:CMI opened at $417.31 on Wednesday. The stock has a market cap of $57.50 billion, a P/E ratio of 19.62, a PEG ratio of 1.97 and a beta of 1.04. The stock has a 50 day simple moving average of $409.04 and a 200 day simple moving average of $350.83. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $5.26 EPS. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Insider Buying and Selling at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock worth $17,674,285 in the last 90 days. Company insiders own 0.41% of the company’s stock.

Cummins 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.