Swiss Life Asset Management Ltd Raises Stake in Cummins Inc. $CMI

Swiss Life Asset Management Ltd raised its position in Cummins Inc. (NYSE:CMI) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,454 shares of the company’s stock after acquiring an additional 3,504 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in Cummins were worth $21,671,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. acquired a new stake in Cummins during the fourth quarter worth approximately $26,000. Activest Wealth Management raised its holdings in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the third quarter worth approximately $28,000. Ares Financial Consulting LLC acquired a new stake in Cummins during the fourth quarter worth approximately $29,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins during the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $701.70 on Tuesday. The firm’s fifty day simple moving average is $590.90 and its 200-day simple moving average is $547.40. The stock has a market capitalization of $96.83 billion, a price-to-earnings ratio of 36.41, a PEG ratio of 1.71 and a beta of 1.27. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $718.08. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

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

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. Argus set a $696.00 price objective on shares of Cummins in a report on Tuesday, February 10th. Truist Financial set a $815.00 price objective on shares of Cummins in a report on Wednesday, May 6th. Raymond James Financial raised their price objective on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, February 9th. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. One investment 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $677.87.

More Cummins News

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Cummins reported strong fiscal Q1 results last week, with EPS of $6.15 beating estimates by $0.52 and revenue of $8.40 billion slightly ahead of expectations, reinforcing confidence in the company’s earnings power. Cummins insider trades and earnings update
• Positive Sentiment: Several analysts raised their price targets after the earnings report, including Barclays and Citigroup, and Zacks upgraded the stock to a strong-buy rating, which may be helping investor sentiment. Wells Fargo remains a buy on Cummins
• Neutral Sentiment: Institutional ownership remains high, and recent buying by some funds suggests continued long-term interest in the stock, though this is less likely to drive the shares in the short term.
• Negative Sentiment: Multiple Cummins executives sold shares this week, including VP Nathan Stoner, EVP Bonnie Fetch, and VP Marvin Boakye. While these sales were relatively small versus their holdings, insider selling can sometimes weigh on market sentiment. Nathan Stoner sold shares Bonnie Fetch sold shares

Insider Buying and Selling

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction on Friday, May 8th. The shares were 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares in the company, valued at $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 34,073 shares of company stock worth $20,794,687 in the last ninety days. Insiders own 0.30% of the company’s stock.

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.