Horrell Capital Management Inc. Makes New $404,000 Investment in Cummins Inc. $CMI

Horrell Capital Management Inc. purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 750 shares of the company’s stock, valued at approximately $404,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Juno Financial Group LLC purchased a new position in Cummins during the fourth quarter valued at approximately $883,000. Perbak Capital Partners LLP acquired a new position in Cummins during the 3rd quarter valued at about $1,385,000. Truist Financial Corp increased its holdings in shares of Cummins by 4.8% during the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after acquiring an additional 2,951 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after buying an additional 278,350 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in Cummins by 6.4% in the 3rd quarter. California Public Employees Retirement System now owns 261,522 shares of the company’s stock worth $110,459,000 after acquiring an additional 15,621 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Nathan R. Stoner sold 607 shares of Cummins stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the transaction, the vice president owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 13,579 shares of company stock valued at $9,377,684. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on CMI. Argus lifted their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Evercore reiterated an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Truist Financial lifted their target price on shares of Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Raymond James Financial lifted their price target on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $738.00.

Cummins Stock Performance

Shares of Cummins stock opened at $672.80 on Friday. Cummins Inc. has a 52 week low of $334.70 and a 52 week high of $737.76. The business’s fifty day simple moving average is $678.78 and its 200-day simple moving average is $608.87. The firm has a market cap of $92.84 billion, a PE ratio of 34.91, a price-to-earnings-growth ratio of 1.63 and a beta of 1.22. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $5.96 EPS. Equities analysts forecast that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio is currently 41.52%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.