Cummins (CMI)

• Market cap: $45.8B
• 1 day: -0.52%
• 5 days: 10.30%
• 1 month: 15.34%
• 3 months: -10.96%
• 6 months: -8.50%
• Year to date: -4.26%
• 1 year: 12.75%
• 5 years: 114.02%
• 10 years: 132.39%
• Sector: Industrials
• Industry: Specialty Industrial Machinery

About: Cummins is a leading manufacturer of diesel and other engines used in heavy- and medium-duty commercial trucks, off-highway equipment, and locomotives, in addition to prime power and standby generators. The company also sells powertrain components, which include filtration products, transmissions, turbochargers, aftertreatment systems, and fuel systems. Sales are approximately 60% US and Canada and 40% rest of world. Much of Cummins' foreign sales (China, India, and so forth) are through joint ventures. The company operates 650 distributors and over 19,000 dealer locations across 190 countries. Cummins' business model is unique as it competes with many of its heavy-duty truck manufacturer customers, who also make their own engines.

Employees: 69,600

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

172% more first-time investments, than exits

New positions opened: 226 | Existing positions closed: 83

53% more funds holding in top 10

Funds holding in top 10: 15 [Q3] → 23 (+8) [Q4]

24% more call options, than puts

Call options by funds: $304M | Put options by funds: $246M

11% more capital invested

Capital invested by funds: $36.9B [Q3] → $40.9B (+$3.96B) [Q4]

8% more funds holding

Funds holding: 1,406 [Q3] → 1,519 (+113) [Q4]

8% less repeat investments, than reductions

Existing positions increased: 498 | Existing positions reduced: 542

1.28% less ownership

Funds ownership: 85.75% [Q3] → 84.46% (-1.28%) [Q4]

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $240 28% downside
• Avg. target: $338 1% upside
• High target: $451 36% upside

7 analyst ratings

• positive: 3 43%
• neutral: 3 43%
• negative: 1 14%

Citigroup Kyle Menges 57% 1-year accuracy 25 / 44 met price target	5% upside $350	Buy Maintained	12 May 2025
Morgan Stanley Angel Castillo 73% 1-year accuracy 22 / 30 met price target	5% upside $350	Overweight Maintained	6 May 2025
JP Morgan Tami Zakaria 46% 1-year accuracy 16 / 35 met price target	4% downside $320	Neutral Maintained	6 May 2025
Baird David Leiker 40% 1-year accuracy 2 / 5 met price target	5% downside $315	Neutral Maintained	15 Apr 2025
Truist Securities Jamie Cook 64% 1-year accuracy 56 / 87 met price target	2% upside $338	Hold Maintained	8 Apr 2025