Azzad Asset Management Inc. ADV Takes Position in Cummins Inc. (NYSE:CMI)

Azzad Asset Management Inc. ADV acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 12,239 shares of the company's stock, valued at approximately $3,836,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC increased its position in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares during the last quarter. Stephens Inc. AR grew its stake in shares of Cummins by 9.1% during the fourth quarter. Stephens Inc. AR now owns 1,364 shares of the company's stock worth $475,000 after purchasing an additional 114 shares in the last quarter. Certuity LLC increased its holdings in Cummins by 11.8% in the fourth quarter. Certuity LLC now owns 709 shares of the company's stock valued at $247,000 after buying an additional 75 shares during the last quarter. Avidian Wealth Enterprises LLC increased its holdings in Cummins by 7.3% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 761 shares of the company's stock valued at $265,000 after buying an additional 52 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Cummins by 320.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 37,272 shares of the company's stock valued at $12,958,000 after buying an additional 28,400 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE:CMI traded down $7.59 on Tuesday, hitting $314.72. The company had a trading volume of 619,224 shares, compared to its average volume of 792,559. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The company has a market cap of $43.36 billion, a PE ratio of 15.66, a PEG ratio of 1.94 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The business has a 50 day moving average of $309.52 and a 200 day moving average of $335.92.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm's quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned $5.08 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.31%. Cummins's payout ratio is currently 36.22%.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CMI shares. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and increased their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Morgan Stanley upped their price target on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Evercore ISI lowered their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, Truist Financial decreased their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $357.25.

Cummins Profile

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.