Harrell Investment Partners LLC Acquires New Stake in Cummins Inc. (NYSE:CMI)

Harrell Investment Partners LLC bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,444 shares of the company's stock, valued at approximately $2,647,000.

Other institutional investors have also recently made changes to their positions in the company. FMR LLC lifted its position in shares of Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after acquiring an additional 67,266 shares in the last quarter. Fayez Sarofim & Co lifted its holdings in shares of Cummins by 72.3% during the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock valued at $2,857,000 after purchasing an additional 3,440 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Cummins by 4.2% during the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock valued at $28,359,000 after purchasing an additional 3,298 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock valued at $54,876,000 after purchasing an additional 6,107 shares during the last quarter. Finally, Heritage Trust Co purchased a new position in shares of Cummins during the fourth quarter valued at approximately $1,422,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CMI shares. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and lowered their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. Evercore ISI cut their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Robert W. Baird cut their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $357.25.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now owns 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.41% of the company's stock.

Cummins Stock Performance

Shares of NYSE:CMI opened at $314.69 on Thursday. The company has a market capitalization of $43.35 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 1.89 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The firm's 50-day moving average is $309.88 and its 200 day moving average is $335.77. 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 (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for 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 period in the prior year, the firm earned $5.08 EPS. Research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

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.

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