First Horizon Advisors Inc. Has $21.83 Million Stake in Cummins Inc. (NYSE:CMI)

First Horizon Advisors Inc. raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,646 shares of the company's stock after acquiring an additional 1,759 shares during the period. First Horizon Advisors Inc. owned approximately 0.05% of Cummins worth $21,830,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Private Trust Co. NA grew its position in Cummins by 18.3% during the 1st quarter. Private Trust Co. NA now owns 1,670 shares of the company's stock worth $523,000 after acquiring an additional 258 shares during the last quarter. NovaPoint Capital LLC increased its holdings in shares of Cummins by 1.4% in the 1st quarter. NovaPoint Capital LLC now owns 12,268 shares of the company's stock worth $3,845,000 after purchasing an additional 170 shares in the last quarter. Rossby Financial LCC bought a new stake in shares of Cummins in the first quarter worth $45,000. DAVENPORT & Co LLC grew its holdings in shares of Cummins by 1.0% in the first quarter. DAVENPORT & Co LLC now owns 37,530 shares of the company's stock worth $11,763,000 after acquiring an additional 371 shares during the period. Finally, Sageworth Trust Co of South Dakota grew its holdings in Cummins by 2.5% during the first quarter. Sageworth Trust Co of South Dakota now owns 4,152 shares of the company's stock valued at $1,301,000 after purchasing an additional 101 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Down 0.5%

CMI stock traded down $1.61 during trading on Thursday, reaching $331.83. The stock had a trading volume of 549,622 shares, compared to its average volume of 774,005. The company has a market capitalization of $45.71 billion, a P/E ratio of 15.17, a PEG ratio of 2.01 and a beta of 1.03. The firm has a fifty day moving average price of $318.01 and a 200 day moving average price of $332.11. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

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

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio is 36.22%.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director owned 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CMI. JPMorgan Chase & Co. boosted their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and increased their target price for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Citigroup restated a "buy" rating and issued a $360.00 target price (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Finally, Evercore ISI lowered their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of "Hold" and a consensus price target of $358.08.

About Cummins

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.