Renaissance Investment Group LLC Makes New $200,000 Investment in Cummins Inc. (NYSE:CMI)

Renaissance Investment Group LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 575 shares of the company’s stock, valued at approximately $200,000.

Other large investors have also recently made changes to their positions in the company. PFG Investments LLC lifted its stake in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC lifted its stake in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after acquiring an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC boosted its holdings in Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after acquiring an additional 59,027 shares during the period. Alpha DNA Investment Management LLC bought a new position in Cummins in the 3rd quarter valued at $748,000. Finally, Franklin Resources Inc. increased its stake in 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 purchasing an additional 99,464 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. The Goldman Sachs Group upped their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Robert W. Baird upped their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $374.25.

Cummins Stock Performance

CMI stock opened at $365.98 on Friday. The firm has a 50-day simple moving average of $363.33 and a two-hundred day simple moving average of $327.38. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a one year low of $226.52 and a one year high of $387.90. The firm has a market cap of $50.21 billion, a price-to-earnings ratio of 24.17, a PEG ratio of 1.61 and a beta of 1.01.

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

Cummins 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.