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Is Cummins Inc. (CMI) a Good Stock to Buy?

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Insider Monkey finished processing more than 700 13F filings made by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of September 30. What do these smart investors think about Cummins Inc. (NYSE:CMI)?

Cummins Inc. (NYSE:CMI) investors should be aware of an increase in activity from the world’s largest hedge funds in recent months. CMI was in 29 hedge funds’ portfolios at the end of September. There were 28 hedge funds in our database with CMI positions at the end of the previous quarter. At the end of this article we will also compare CMI to other stocks including TELUS Corporation (USA) (NYSE:TU), Hess Corp. (NYSE:HES), and EnergySolutions, Inc. (NYSE:ES) to get a better sense of its popularity.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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What does the smart money think about Cummins Inc. (NYSE:CMI)?

At the end of the third quarter, a total of 29 of the hedge funds tracked by Insider Monkey held long positions in this stock, a rise of 4% from the previous quarter. With hedge funds’ sentiment swirling, there exists a few notable hedge fund managers who were boosting their stakes significantly (or already accumulated large positions).

HedgeFundSentimentChart

According to Insider Monkey’s hedge fund database, Cliff Asness’ AQR Capital Management has the most valuable position in Cummins Inc. (NYSE:CMI), worth close to $216.6 million. Sitting at the No. 2 spot is Ken Griffin of Citadel Investment Group, with a $62.6 million position. Some other peers that are bullish consist of Joel Greenblatt’s Gotham Asset Management and Clint Murray’s Lodge Hill Capital.

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