Lido Advisors LLC lifted its position in shares of Cummins Inc. (NYSE:CMI – Free Report) by 11.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,348 shares of the company’s stock after purchasing an additional 1,392 shares during the period. Lido Advisors LLC’s holdings in Cummins were worth $3,272,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently made changes to their positions in the company. Sequoia Financial Advisors LLC increased its stake in shares of Cummins by 89.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,031 shares of the company’s stock valued at $498,000 after purchasing an additional 960 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Cummins by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 670,084 shares of the company’s stock valued at $160,070,000 after purchasing an additional 10,562 shares during the last quarter. Kestra Private Wealth Services LLC increased its stake in shares of Cummins by 6.8% in the 2nd quarter. Kestra Private Wealth Services LLC now owns 3,926 shares of the company’s stock valued at $962,000 after purchasing an additional 251 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in shares of Cummins by 0.7% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 22,973 shares of the company’s stock valued at $5,632,000 after purchasing an additional 153 shares during the last quarter. Finally, RFG Advisory LLC increased its stake in shares of Cummins by 1.7% in the 2nd quarter. RFG Advisory LLC now owns 3,502 shares of the company’s stock valued at $859,000 after purchasing an additional 58 shares during the last quarter. Institutional investors own 81.81% of the company’s stock.
Cummins Stock Performance
CMI stock opened at $222.98 on Wednesday. The stock has a 50-day moving average price of $226.08 and a 200-day moving average price of $231.66. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $265.28. The company has a current ratio of 1.43, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market cap of $31.61 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 1.14 and a beta of 1.07.
Cummins Announces Dividend
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on CMI shares. Bank of America decreased their price target on Cummins from $273.00 to $264.00 in a research note on Wednesday, October 11th. Credit Suisse Group cut their price objective on Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. JPMorgan Chase & Co. downgraded Cummins from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $270.00 to $255.00 in a report on Monday, October 16th. Citigroup lifted their target price on Cummins from $265.00 to $290.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. Finally, StockNews.com started coverage on Cummins in a report on Thursday, October 5th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $264.50.
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 New Power. 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 new parts and services, as well as remanufactured parts and engines.
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