Leo Wealth LLC Boosts Stake in Cummins Inc. (NYSE:CMI)

Leo Wealth LLC raised its position in Cummins Inc. (NYSE:CMI) by 11.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,285 shares of the company’s stock after buying an additional 128 shares during the quarter. Leo Wealth LLC’s holdings in Cummins were worth $448,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. PFG Investments LLC raised its holdings in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after buying an additional 485 shares during the period. Mariner Investment Group LLC acquired a new stake in shares of Cummins in the fourth quarter worth $1,046,000. CWM LLC raised its stake in shares of Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after acquiring an additional 1,786 shares during the period. Alpha DNA Investment Management LLC acquired a new position in shares of Cummins during the 3rd quarter valued at $748,000. Finally, Franklin Resources Inc. boosted its position in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on CMI shares. Citigroup cut their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the company from $355.00 to $420.00 in a report on Monday, December 9th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Cummins has an average rating of “Hold” and a consensus target price of $383.08.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 6,328 shares of company stock worth $2,300,040 over the last ninety days. 0.56% of the stock is owned by insiders.

Cummins Price Performance

CMI opened at $372.12 on Friday. The company has a market capitalization of $51.05 billion, a P/E ratio of 24.58, a PEG ratio of 1.64 and a beta of 1.00. The company has a 50-day moving average of $361.89 and a 200-day moving average of $335.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 1-year low of $247.53 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the company earned $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 20.62 EPS for the current fiscal year.

About Cummins

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.