HORAN Wealth LLC Makes New $781,000 Investment in Cummins Inc. $CMI

HORAN Wealth LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the 3rd quarter, HoldingsChannel reports. The fund acquired 1,849 shares of the company’s stock, valued at approximately $781,000.

Several other institutional investors have also modified their holdings of the stock. Motley Fool Asset Management LLC boosted its stake in Cummins by 9.7% during the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after buying an additional 623 shares during the last quarter. Applied Finance Capital Management LLC increased its stake in shares of Cummins by 14.4% in the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after acquiring an additional 7,656 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after acquiring an additional 2,417 shares during the period. New York State Teachers Retirement System grew its holdings in shares of Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after purchasing an additional 2,305 shares during the period. Finally, Bailard Inc. increased its position in Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after purchasing an additional 4,035 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity

In other news, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares in the company, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CMI. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Argus increased their price objective on Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Finally, Barclays raised their price target on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $522.07.

Cummins Price Performance

Shares of CMI opened at $604.61 on Thursday. The firm has a market capitalization of $83.46 billion, a price-to-earnings ratio of 31.38, a PEG ratio of 2.12 and a beta of 1.13. The firm’s fifty day simple moving average is $538.55 and its 200-day simple moving average is $459.09. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. 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 posted 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. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.86 earnings per share. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

About Cummins

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.