Azzad Asset Management Inc. ADV Has $5.26 Million Stock Holdings in Cummins Inc. $CMI

Key Points

• Azzad Asset Management cut its Cummins stake by 18.4% in the first quarter, selling 2,201 shares and leaving it with 9,777 shares valued at about $5.26 million.
• Wall Street remains broadly positive on Cummins, with a Moderate Buy consensus and an average price target of $738; several firms recently raised targets, including Truist to $901 and Barclays to $760.
• Cummins reported better-than-expected quarterly earnings of $6.15 per share on revenue of $8.40 billion, and it also paid a quarterly dividend of $2.00 per share, equal to an annualized yield of 1.2%.

Azzad Asset Management Inc. ADV reduced its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 18.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,777 shares of the company's stock after selling 2,201 shares during the period. Azzad Asset Management Inc. ADV's holdings in Cummins were worth $5,260,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock valued at $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. Norges Bank acquired a new position in Cummins during the 4th quarter worth about $863,441,000. Boston Partners bought a new stake in Cummins during the 3rd quarter worth about $473,471,000. London Co. of Virginia bought a new stake in Cummins during the 3rd quarter worth about $231,732,000. Finally, SG Americas Securities LLC increased its position in Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company's stock valued at $396,343,000 after acquiring an additional 530,812 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CMI shares. JPMorgan Chase & Co. upped their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Truist Financial boosted their price objective on shares of Cummins from $815.00 to $901.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Barclays upped their price objective on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Sanford C. Bernstein reissued a "market perform" rating on shares of Cummins in a research note on Friday, May 22nd. Finally, Morgan Stanley boosted their target price on Cummins from $675.00 to $752.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Cummins currently has a consensus rating of "Moderate Buy" and an average price target of $738.00.

Cummins Stock Up 0.5%

Cummins stock opened at $672.80 on Friday. The firm has a market capitalization of $92.84 billion, a price-to-earnings ratio of 34.91, a PEG ratio of 1.63 and a beta of 1.22. The company's 50 day simple moving average is $678.78 and its 200 day simple moving average is $608.87. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a fifty-two week low of $334.70 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the firm earned $5.96 earnings per share. The business's quarterly revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.32 EPS for the current year.

Cummins Dividend Announcement

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

Insider Transactions at Cummins

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the sale, the vice president directly owned 8,508 shares in the company, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company's stock.

Cummins Company 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.

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