Massachusetts Financial Services Co. MA Has $9.41 Million Position in Cummins Inc. (CMI)

Massachusetts Financial Services Co. MA decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 1.5% during the first quarter, Holdings Channel reports. The firm owned 62,260 shares of the company’s stock after selling 972 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Cummins were worth $9,413,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CMI. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Cummins during the fourth quarter valued at about $48,198,000. Independent Advisor Alliance bought a new position in Cummins during the fourth quarter valued at about $157,000. Archford Capital Strategies LLC boosted its position in Cummins by 0.8% in the fourth quarter. Archford Capital Strategies LLC now owns 15,197 shares of the company’s stock valued at $2,075,000 after buying an additional 122 shares in the last quarter. LeJeune Puetz Investment Counsel LLC bought a new position in Cummins during the fourth quarter valued at about $137,000. Finally, IFM Investors Pty Ltd bought a new position in Cummins during the fourth quarter valued at about $279,000. 80.10% of the stock is currently owned by institutional investors.

Shares of Cummins Inc. (NYSE CMI) opened at 164.70 on Monday. The stock has a market cap of $27.55 billion, a price-to-earnings ratio of 18.88 and a beta of 1.08. Cummins Inc. has a 52 week low of $111.76 and a 52 week high of $165.95. The stock’s 50 day moving average price is $158.15 and its 200-day moving average price is $150.20.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 2nd. The company reported $2.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.81 by $0.55. The business had revenue of $4.59 billion during the quarter, compared to the consensus estimate of $4.15 billion. Cummins had a return on equity of 20.87% and a net margin of 8.25%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.87 earnings per share. Equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.

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Several brokerages have recently weighed in on CMI. Deutsche Bank AG reiterated a “sell” rating and issued a $154.00 price objective (up previously from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. Stifel Nicolaus restated a “hold” rating and set a $150.00 target price on shares of Cummins in a research note on Wednesday, April 12th. Credit Suisse Group set a $173.00 price objective on shares of Cummins and gave the company a “buy” rating in a report on Monday, March 27th. Wells Fargo & Company raised shares of Cummins from a “market perform” rating to an “outperform” rating in a report on Monday, April 17th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $140.00 price objective on shares of Cummins in a report on Wednesday, March 22nd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. Cummins currently has a consensus rating of “Hold” and an average target price of $150.65.

In other news, Director Georgia R. Nelson sold 1,086 shares of Cummins stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total value of $169,524.60. Following the completion of the sale, the director now owns 16,512 shares of the company’s stock, valued at $2,577,523.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Pat Ward sold 14,050 shares of Cummins stock in a transaction on Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the completion of the sale, the chief financial officer now directly owns 13,395 shares of the company’s stock, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,626 shares of company stock valued at $8,521,945. Company insiders own 0.62% of the company’s stock.

About Cummins

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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