Crossmark Global Holdings Inc. Increases Stock Position in Cummins Inc. (NYSE:CMI)

Crossmark Global Holdings Inc. raised its stake in Cummins Inc. (NYSE:CMI - Free Report) by 18.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,049 shares of the company's stock after acquiring an additional 1,882 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Cummins were worth $3,777,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CMI. Norges Bank acquired a new position in Cummins in the fourth quarter valued at approximately $499,490,000. GAMMA Investing LLC lifted its holdings in Cummins by 38,220.5% in the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after acquiring an additional 1,188,276 shares during the period. Vanguard Group Inc. lifted its holdings in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after acquiring an additional 250,650 shares during the period. Northern Trust Corp lifted its holdings in Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after acquiring an additional 246,807 shares during the period. Finally, Neuberger Berman Group LLC raised its stake in shares of Cummins by 57.0% during the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after buying an additional 233,694 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 2.5%

CMI traded up $8.43 during mid-day trading on Thursday, hitting $343.03. 286,706 shares of the stock were exchanged, compared to its average volume of 859,249. The firm's fifty day moving average is $321.75 and its two-hundred day moving average is $331.26. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. 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 $47.26 billion, a PE ratio of 17.07, a PEG ratio of 1.99 and a beta of 1.03.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio is currently 36.22%.

Insider Transactions at Cummins

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The shares were bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on CMI shares. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and upped their target price for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Evercore ISI reduced their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. JPMorgan Chase & Co. increased their price objective on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Finally, UBS Group cut Cummins from a "buy" rating to a "sell" rating and dropped their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $358.08.

Cummins Company 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.