Atomi Financial Group Inc. Increases Holdings in Cummins Inc. (NYSE:CMI)

Atomi Financial Group Inc. increased its stake in shares of Cummins Inc. (NYSE:CMI) by 9.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,338 shares of the company’s stock after buying an additional 112 shares during the quarter. Atomi Financial Group Inc.’s holdings in Cummins were worth $433,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after buying an additional 604,735 shares in the last quarter. Fisher Asset Management LLC lifted its position in Cummins by 4.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock worth $619,982,000 after buying an additional 103,018 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Cummins by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after buying an additional 26,977 shares in the last quarter. Legal & General Group Plc lifted its position in Cummins by 1.9% during the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after buying an additional 31,190 shares in the last quarter. Finally, Marshfield Associates increased its stake in Cummins by 0.3% during the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after acquiring an additional 3,076 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. Citigroup raised their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday. Truist Financial raised their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Raymond James initiated coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Finally, Robert W. Baird raised their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus target price of $311.55.

Cummins Trading Up 1.0 %

Shares of NYSE CMI opened at $336.07 on Friday. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $337.60. The stock has a market capitalization of $46.06 billion, a PE ratio of 24.23, a PEG ratio of 1.92 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a fifty day simple moving average of $307.42 and a 200-day simple moving average of $293.10.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the firm posted $5.18 EPS. Cummins’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

About Cummins

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.