The 31,000 Shares in Cummins Inc. (CMI) Acquired by Artemis Investment Management LLP, Report finds

Other hedge funds have also recently modified their holdings of the company. Morgan Stanley boosted its stake in shares of Cummins by 88.4% in the third quarter. Morgan Stanley now owns 1,117,756 shares of the company’s stock worth $143,241,000 after buying an additional 524,516 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Cummins by 7.2% in the third quarter. Nisa Investment Advisors LLC now owns 70,385 shares of the company’s stock worth $9,020,000 after buying an additional 4,700 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Cummins by 95.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 90,297 shares of the company’s stock worth $11,572,000 after buying an additional 43,990 shares during the period. Allegis Investment Advisors LLC boosted its stake in shares of Cummins by 48.0% in the third quarter. Allegis Investment Advisors LLC now owns 10,211 shares of the company’s stock worth $1,309,000 after buying an additional 3,313 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its stake in shares of Cummins by 6.0% in the third quarter. Stratos Wealth Partners LTD. now owns 8,193 shares of the company’s stock worth $1,050,000 after buying an additional 461 shares during the period. 80.81% of the stock is currently owned by institutional investors and hedge funds.

Artemis Investment Management LLP purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, Holdings Channel reports. The fund purchased 31,000 shares of the company’s stock, valued at approximately $4,239,000.

Cummins Inc. (NYSE:CMI) traded up 1.80% on Monday, reaching $153.27. 1,091,246 shares of the company were exchanged. Cummins Inc. has a 12-month low of $93.27 and a 12-month high of $153.62. The firm has a 50-day moving average of $142.51 and a 200 day moving average of $132.08. The firm has a market capitalization of $25.67 billion, a P/E ratio of 18.62 and a beta of 1.27.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 9th. The company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.26. Cummins had a net margin of 7.96% and a return on equity of 19.99%. The firm earned $4.50 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same period in the previous year, the business posted $2.02 EPS. The business’s revenue was down 5.6% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.

CMI has been the topic of a number of research analyst reports. Vetr cut shares of Cummins from a “strong-buy” rating to a “buy” rating and set a $141.73 price target on the stock. in a research report on Tuesday, October 18th. Barclays PLC reissued an “underweight” rating on shares of Cummins in a research report on Tuesday, January 3rd. Longbow Research raised shares of Cummins from a “neutral” rating to a “buy” rating and set a $165.00 price objective on the stock in a research report on Thursday, January 19th. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $165.00 price objective on the stock in a research report on Tuesday, January 31st. Finally, Stifel Nicolaus reissued a “hold” rating and set a $109.00 price objective (up previously from $103.00) on shares of Cummins in a research report on Wednesday, November 2nd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the company’s stock. Cummins has an average rating of “Hold” and an average target price of $131.92.

About Cummins

Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.

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