Fairfield Bush & CO. Continues to Hold Stake in Cummins Inc. (CMI)

Fairfield Bush & CO. held its stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,000 shares of the company’s stock at the close of the 2nd quarter. Fairfield Bush & CO.’s holdings in Cummins were worth $811,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp lifted its position in shares of Cummins by 0.5% in the 1st quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after purchasing an additional 61,286 shares during the period. Vanguard Group Inc. lifted its position in shares of Cummins by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after purchasing an additional 298,352 shares during the period. BlackRock Inc. lifted its position in shares of Cummins by 4.1% in the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after purchasing an additional 422,135 shares during the period. American International Group Inc. lifted its position in shares of Cummins by 1.7% in the 1st quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after purchasing an additional 59,401 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Cummins by 2.9% in the 2nd quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after purchasing an additional 77,116 shares during the period. 80.38% of the stock is owned by hedge funds and other institutional investors.

Shares of Cummins Inc. (NYSE:CMI) traded up 0.26% on Tuesday, reaching $172.18. 209,458 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $163.46 and a 200 day moving average of $158.74. The firm has a market capitalization of $28.75 billion, a P/E ratio of 19.46 and a beta of 1.13. Cummins Inc. has a one year low of $121.22 and a one year high of $172.83.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the consensus estimate of $2.58 by ($0.05). The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.40 EPS. On average, equities research analysts predict that Cummins Inc. will post $7.98 EPS for the current year.

A number of equities research analysts recently commented on the stock. ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Stifel Nicolaus increased their target price on shares of Cummins from $155.00 to $160.00 and gave the company a “hold” rating in a research report on Thursday, June 15th. Buckingham Research assumed coverage on shares of Cummins in a research report on Tuesday, September 5th. They set a “buy” rating and a $180.00 target price for the company. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $165.00 target price on shares of Cummins in a research report on Thursday, September 7th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $164.52.

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In related news, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $676,000.00. Following the completion of the sale, the insider now owns 41,902 shares in the company, valued at approximately $7,081,438. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the sale, the director now owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The disclosure for this sale can be found here. Insiders have sold a total of 17,633 shares of company stock valued at $2,942,108 in the last 90 days. Insiders own 0.62% of the company’s stock.

Cummins Company Profile

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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