Manning & Napier Advisors LLC Has $8.08 Million Stock Holdings in Cummins Inc. $CMI

Manning & Napier Advisors LLC reduced its holdings in Cummins Inc. (NYSE:CMI) by 46.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 19,136 shares of the company’s stock after selling 16,897 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Cummins were worth $8,082,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CMI. Salomon & Ludwin LLC grew 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 purchasing an additional 80 shares during the last quarter. Tripletail Wealth Management LLC acquired a new position in Cummins during the 3rd quarter worth about $39,000. Osterweis Capital Management Inc. bought a new stake in shares of Cummins in the 2nd quarter valued at about $31,000. SJS Investment Consulting Inc. increased its stake in shares of Cummins by 1,414.3% in the third quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock valued at $45,000 after buying an additional 99 shares during the period. Finally, Financial Consulate Inc. bought a new position in shares of Cummins during the third quarter worth about $45,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CMI shares. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 30th. Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective for the company in a research report on Monday, December 22nd. Argus lifted their target price on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Finally, Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus target price of $505.07.

Cummins Trading Up 0.9%

CMI opened at $566.99 on Wednesday. The company has a fifty day moving average price of $503.79 and a two-hundred day moving average price of $432.47. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $569.68. The company has a market cap of $78.27 billion, a P/E ratio of 29.42, a price-to-earnings-growth ratio of 1.97 and a beta of 1.12. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. During the same period last year, the business posted $5.86 EPS. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the sale, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 19,330 shares of company stock valued at $9,135,364. 0.41% of the stock is owned by company insiders.

Cummins Company 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.