Artemis Investment Management LLP Makes New Investment in Cummins Inc. (NYSE:CMI)

Artemis Investment Management LLP bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,506 shares of the company’s stock, valued at approximately $2,268,000.

Other institutional investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new stake in Cummins during the third quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the 3rd quarter valued at approximately $34,000. Friedenthal Financial purchased a new stake in Cummins during the 4th quarter valued at $55,000. Ashton Thomas Securities LLC bought a new stake in Cummins in the third quarter worth $55,000. Finally, Bangor Savings Bank boosted its stake in Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after buying an additional 35 shares during the period. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was 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 directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last 90 days. Company insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $365.98 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. The stock’s fifty day moving average price is $363.33 and its 200-day moving average price is $327.80. The firm has a market cap of $50.21 billion, a P/E ratio of 24.17, a P/E/G ratio of 1.61 and a beta of 1.01. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the business posted $4.73 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday. Robert W. Baird upped their target price on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $374.25.

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.