First Eagle Investment Management LLC Reduces Holdings in Cummins Inc. $CMI

First Eagle Investment Management LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 47.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 754,938 shares of the company’s stock after selling 668,563 shares during the period. First Eagle Investment Management LLC’s holdings in Cummins were worth $385,358,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Frank Rimerman Advisors LLC lifted its holdings in shares of Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after purchasing an additional 18 shares during the period. Financial Consulate Inc. lifted its holdings in shares of Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after purchasing an additional 18 shares during the period. Gilbert & Cook Inc. lifted its holdings in shares of Cummins by 1.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after purchasing an additional 19 shares during the period. Sound View Wealth Advisors Group LLC lifted its holdings in shares of Cummins by 2.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock worth $501,000 after purchasing an additional 20 shares during the period. Finally, Red Door Wealth Management LLC lifted its holdings in shares of Cummins by 2.3% during the fourth quarter. Red Door Wealth Management LLC now owns 878 shares of the company’s stock worth $448,000 after purchasing an additional 20 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 3.3%

Shares of NYSE:CMI opened at $701.70 on Tuesday. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08. The company has a market capitalization of $96.83 billion, a PE ratio of 36.41, a PEG ratio of 1.71 and a beta of 1.27. The business has a 50 day moving average of $590.90 and a two-hundred day moving average of $547.40. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the company posted $5.96 earnings per share. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 28.39 EPS for the current year.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research reports. Morgan Stanley lifted their target price on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Raymond James Financial lifted their target price on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, February 9th. Robert W. Baird set a $700.00 target price on Cummins in a report on Wednesday, May 6th. UBS Group set a $565.00 price target on Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Finally, Citigroup boosted their price target on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $677.87.

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This represents a 18.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the transaction, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 34,073 shares of company stock worth $20,794,687. 0.30% of the stock is currently owned by corporate 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.