Traders Buy Cummins (CMI) on Weakness
Investors purchased shares of Cummins Inc. (NYSE:CMI) on weakness during trading on Monday. $91.24 million flowed into the stock on the tick-up and $24.39 million flowed out of the stock on the tick-down, for a money net flow of $66.85 million into the stock. Of all stocks tracked, Cummins had the 9th highest net in-flow for the day. Cummins traded down ($1.10) for the day and closed at $164.97
A number of brokerages have recently commented on CMI. Piper Jaffray Companies set a $195.00 target price on shares of Cummins and gave the company a “buy” rating in a research note on Thursday, April 4th. ValuEngine raised shares of Cummins from a “sell” rating to a “hold” rating in a research note on Friday, February 15th. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, February 12th. Mizuho set a $155.00 price target on shares of Cummins and gave the stock a “hold” rating in a research note on Saturday, February 9th. Finally, CIBC reaffirmed a “market perform” rating on shares of Cummins in a research note on Thursday, February 7th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company. Cummins presently has a consensus rating of “Hold” and an average price target of $162.24.
The company has a market capitalization of $26.15 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 1.14 and a beta of 1.09. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.95 and a current ratio of 1.54.
In other Cummins news, COO Richard Joseph Freeland sold 4,500 shares of the firm’s stock in a transaction on Friday, January 18th. The shares were sold at an average price of $150.00, for a total transaction of $675,000.00. Following the completion of the transaction, the chief operating officer now directly owns 4,500 shares of the company’s stock, valued at approximately $675,000. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alexis M. Herman sold 423 shares of Cummins stock in a transaction dated 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 three months, insiders have sold 6,816 shares of company stock valued at $1,039,321. 0.67% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund grew its position in Cummins by 12,091.8% in 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 in the last quarter. Norges Bank acquired a new stake in shares of Cummins in the fourth quarter worth $232,262,000. Parnassus Investments CA lifted its stake in shares of Cummins by 76.5% in the fourth quarter. Parnassus Investments CA now owns 1,500,000 shares of the company’s stock worth $200,460,000 after buying an additional 650,000 shares during the last quarter. Bank of Nova Scotia lifted its stake in shares of Cummins by 1,826.7% in the fourth quarter. Bank of Nova Scotia now owns 600,989 shares of the company’s stock worth $80,314,000 after buying an additional 569,797 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its stake in shares of Cummins by 300.1% in the third quarter. Federated Investors Inc. PA now owns 642,093 shares of the company’s stock worth $93,790,000 after buying an additional 481,621 shares during the last quarter. 82.11% of the stock is owned by hedge funds and other institutional investors.
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About Cummins (NYSE:CMI)
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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