Cummins Inc. $CMI Shares Acquired by Howard Capital Management Inc.

by · The Cerbat Gem

Howard Capital Management Inc. grew its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 9.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 839 shares of the company’s stock after acquiring an additional 71 shares during the quarter. Howard Capital Management Inc.’s holdings in Cummins were worth $275,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Motley Fool Asset Management LLC boosted its holdings in Cummins by 9.7% in the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after acquiring an additional 623 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of Cummins by 24.7% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,361 shares of the company’s stock valued at $11,908,000 after buying an additional 7,200 shares during the last quarter. Transcend Capital Advisors LLC purchased a new stake in shares of Cummins during the second quarter valued at $290,000. Envestnet Asset Management Inc. grew its holdings in shares of Cummins by 4.9% during the second quarter. Envestnet Asset Management Inc. now owns 808,223 shares of the company’s stock valued at $264,693,000 after buying an additional 37,652 shares during the last quarter. Finally, Wealthfront Advisers LLC grew its holdings in shares of Cummins by 6.5% during the second quarter. Wealthfront Advisers LLC now owns 11,493 shares of the company’s stock valued at $3,764,000 after buying an additional 705 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 0.7%

Shares of NYSE:CMI opened at $438.26 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $449.21. The company has a market capitalization of $60.39 billion, a PE ratio of 20.60, a PEG ratio of 2.05 and a beta of 1.04. The business has a 50 day moving average of $415.17 and a two-hundred day moving average of $361.69. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the company posted $5.26 earnings per share. Cummins’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. Cummins’s payout ratio is presently 37.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Truist Financial lifted their target price on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Finally, Robert W. Baird lifted their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $410.50.

Get Our Latest Analysis on Cummins

Insiders Place Their Bets

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 43,119 shares of company stock valued at $17,674,285. Insiders own 0.41% of the company’s stock.

Cummins Profile

(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 Accelera. 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 parts and services, as well as remanufactured parts and engines.

See Also

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