Janney Montgomery Scott LLC Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Janney Montgomery Scott LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 9.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 42,985 shares of the company’s stock after purchasing an additional 3,790 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Cummins were worth $14,985,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. PFG Investments LLC raised its stake in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the period. CWM LLC raised its position in shares of Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after buying an additional 1,786 shares during the last quarter. Alpha DNA Investment Management LLC bought a new stake in shares of Cummins during the third quarter valued at approximately $748,000. Franklin Resources Inc. lifted its holdings in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after buying an additional 99,464 shares in the last quarter. Finally, Dupree Financial Group LLC bought a new position in shares of Cummins during the third quarter worth $3,925,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Shares of NYSE:CMI opened at $367.45 on Monday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12 month low of $236.00 and a 12 month high of $387.90. The company has a market capitalization of $50.41 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 1.69 and a beta of 1.01. The firm’s 50-day moving average is $363.94 and its 200 day moving average is $331.20.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the business posted $4.73 earnings per share. The company’s revenue for the quarter was up .3% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 21.92 EPS for the current year.

Insider Activity

In related news, VP Sharon R. Barner sold 2,001 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,456,419.29. This trade represents a 8.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Citigroup cut their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Finally, The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $374.25.

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.