Crossmark Global Holdings Inc. Grows Position in Cummins Inc. $CMI

Key Points

• Crossmark Global Holdings increased its Cummins stake by 39.3% in the fourth quarter, bringing its holdings to 6,744 shares worth about $3.44 million.
• Several other institutional investors also boosted their positions, and 83.46% of Cummins stock is held by hedge funds and other institutions.
• Cummins reported strong quarterly results, with EPS of $6.15 beating estimates and revenue of $8.40 billion topping expectations, while analysts remain broadly bullish with an average rating of Moderate Buy.

Crossmark Global Holdings Inc. raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 39.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,744 shares of the company's stock after acquiring an additional 1,902 shares during the period. Crossmark Global Holdings Inc.'s holdings in Cummins were worth $3,442,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CMI. Ethic Inc. lifted its position in Cummins by 8.6% in the 4th quarter. Ethic Inc. now owns 14,290 shares of the company's stock worth $7,294,000 after buying an additional 1,130 shares during the last quarter. Koshinski Asset Management Inc. lifted its position in Cummins by 4.0% in the 4th quarter. Koshinski Asset Management Inc. now owns 1,925 shares of the company's stock worth $983,000 after buying an additional 74 shares during the last quarter. Generali Asset Management SPA SGR lifted its position in Cummins by 117.1% in the 4th quarter. Generali Asset Management SPA SGR now owns 12,768 shares of the company's stock worth $6,517,000 after buying an additional 6,887 shares during the last quarter. MGO One Seven LLC lifted its position in Cummins by 10.1% in the 4th quarter. MGO One Seven LLC now owns 14,821 shares of the company's stock worth $7,565,000 after buying an additional 1,354 shares during the last quarter. Finally, Crestwood Advisors Group LLC lifted its position in Cummins by 12.4% in the 4th quarter. Crestwood Advisors Group LLC now owns 2,854 shares of the company's stock worth $1,457,000 after buying an additional 315 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Wolfe Research downgraded Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 target price for the company. in a research report on Monday, January 26th. Wells Fargo & Company boosted their target price on Cummins from $693.00 to $794.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. 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. Truist Financial set a $815.00 target price on Cummins in a research report on Wednesday. Finally, Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and an average target price of $649.47.

Insider Buying and Selling

In related news, VP Donald G. Jackson sold 1,600 shares of the company's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the sale, the vice president directly owned 7,214 shares of the company's stock, valued at $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William I. Miller sold 18,107 shares of the company's stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 33,603 shares of company stock valued at $20,047,788 over the last three months. Insiders own 0.30% of the company's stock.

Cummins Stock Performance

Shares of CMI stock opened at $679.25 on Monday. The stock has a fifty day moving average of $586.92 and a 200 day moving average of $543.54. Cummins Inc. has a 52 week low of $305.13 and a 52 week high of $718.08. The firm has a market capitalization of $93.73 billion, a price-to-earnings ratio of 35.25, a PEG ratio of 1.71 and a beta of 1.27. 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 - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm posted $5.96 earnings per share. The firm's revenue was up 2.7% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 28.39 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins's dividend payout ratio (DPR) is presently 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.

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