Mutual of America Capital Management LLC Reduces Position in Cummins Inc. (NYSE:CMI)

Mutual of America Capital Management LLC trimmed its position in shares of Cummins Inc. (NYSE:CMIFree Report) by 2.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,869 shares of the company’s stock after selling 539 shares during the period. Mutual of America Capital Management LLC’s holdings in Cummins were worth $4,539,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CMI. Synovus Financial Corp grew its holdings in Cummins by 254.4% during the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock valued at $1,242,000 after purchasing an additional 4,378 shares during the last quarter. Cibc World Market Inc. boosted its position in Cummins by 65.4% in the 1st quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock valued at $3,732,000 after buying an additional 7,191 shares during the period. Sei Investments Co. boosted its position in Cummins by 16.1% in the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after buying an additional 13,058 shares during the period. Prudential PLC purchased a new stake in Cummins in the 1st quarter valued at about $711,000. Finally, Cetera Investment Advisers boosted its position in Cummins by 43.0% in the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after buying an additional 1,925 shares during the period. 81.81% of the stock is currently owned by institutional investors.

Cummins Trading Up 2.0 %

NYSE:CMI opened at $256.83 on Tuesday. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $265.28. The firm has a 50 day moving average of $239.49 and a 200 day moving average of $233.15. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $36.40 billion, a price-to-earnings ratio of 49.58, a PEG ratio of 1.68 and a beta of 1.02.

Cummins (NYSE:CMIGet Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the previous year, the company posted $4.52 EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 18.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CMI. Citigroup boosted their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday. Morgan Stanley began coverage on shares of Cummins in a research report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $243.00 to $225.00 in a research report on Friday, January 19th. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Finally, StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 16th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $261.11.

View Our Latest Research Report on Cummins

About Cummins

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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