Callan Family Office LLC Acquires 1,346 Shares of Cummins Inc. $CMI

Callan Family Office LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 108.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,585 shares of the company’s stock after buying an additional 1,346 shares during the quarter. Callan Family Office LLC’s holdings in Cummins were worth $847,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of CMI. Raymond James Financial Inc. grew its stake in Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after acquiring an additional 817,384 shares in the last quarter. AQR Capital Management LLC grew its stake in Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after acquiring an additional 424,294 shares in the last quarter. Nuveen LLC purchased a new position in Cummins during the first quarter valued at approximately $109,120,000. Vanguard Group Inc. grew its stake in Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after acquiring an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Cummins by 74.2% during the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after acquiring an additional 319,277 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CMI. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Robert W. Baird boosted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Finally, Barclays increased their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $397.43.

Cummins Price Performance

Shares of NYSE:CMI opened at $409.17 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The company’s fifty day moving average price is $408.16 and its 200-day moving average price is $350.37. The firm has a market capitalization of $56.38 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the firm earned $5.26 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Insider Activity at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock worth $17,674,285 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Cummins Company Profile

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.