Pallas Capital Advisors LLC Increases Position in Cummins Inc. (NYSE:CMI)

Pallas Capital Advisors LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 4.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 918 shares of the company’s stock after purchasing an additional 40 shares during the period. Pallas Capital Advisors LLC’s holdings in Cummins were worth $320,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Pathway Financial Advisers LLC raised its stake in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after buying an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Cummins during the second quarter worth approximately $46,607,000. Fisher Asset Management LLC lifted its stake in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares during the last quarter. Finally, AXA S.A. boosted its holdings in Cummins by 247.5% in the second quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after purchasing an additional 163,129 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 0.9 %

Shares of CMI opened at $360.80 on Thursday. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The firm has a 50 day simple moving average of $362.81 and a 200-day simple moving average of $326.21. The stock has a market cap of $49.49 billion, a price-to-earnings ratio of 23.83, a price-to-earnings-growth ratio of 1.78 and a beta of 0.99.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.73 earnings per share. Equities analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Robert W. Baird raised their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Finally, Citigroup decreased their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $374.17.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 6,489 shares of company stock worth $2,357,531. Corporate insiders own 0.56% 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.