Rakuten Investment Management Inc. Purchases Shares of 25,248 Cummins Inc. $CMI

Rakuten Investment Management Inc. acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 25,248 shares of the company’s stock, valued at approximately $10,664,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Osterweis Capital Management Inc. purchased a new stake in Cummins during the 2nd quarter valued at about $31,000. Salomon & Ludwin LLC increased its stake in shares of Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after buying an additional 80 shares during the period. Tripletail Wealth Management LLC bought a new stake in Cummins during the 3rd quarter valued at $39,000. CNB Bank purchased a new stake in Cummins during the 2nd quarter valued at $43,000. Finally, SJS Investment Consulting Inc. grew its holdings in Cummins by 1,414.3% in the 3rd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $45,000 after acquiring an additional 99 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This represents a 29.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 19,330 shares of company stock valued at $9,135,364 in the last three months. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Up 2.8%

Shares of NYSE:CMI opened at $581.53 on Thursday. The firm has a market capitalization of $80.27 billion, a P/E ratio of 30.18, a P/E/G ratio of 1.98 and a beta of 1.12. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The stock has a 50 day moving average price of $516.47 and a 200-day moving average price of $441.99. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $584.70.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $5.86 earnings per share. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CMI. Argus upped their price objective on shares of Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. JPMorgan Chase & Co. upped their price target on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Sanford C. Bernstein reissued a “market perform” rating and set a $475.00 target price on shares of Cummins in a research note on Friday, November 7th. Finally, Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $514.00.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.