Horizon Investments LLC Has $6.43 Million Holdings in Cummins Inc. $CMI

Key Points

• Horizon Investments LLC increased its stake in Cummins by 20.1% in Q4, adding 2,107 shares to hold 12,604 shares valued at approximately $6.43 million.
• Cummins beat Q4 expectations, reporting EPS of $5.81 (vs. $5.17 expected) and revenue of $8.54 billion (vs. $8.09 billion), with analysts forecasting roughly 26.05 EPS for the current fiscal year.
• The company pays a quarterly dividend of $2.00 ($8.00 annual, ~1.2% yield), has about 83.46% institutional ownership and a market cap near $90.8 billion, with a consensus rating of "Moderate Buy" and an average target of about $600.27.

Horizon Investments LLC grew its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 20.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,604 shares of the company's stock after acquiring an additional 2,107 shares during the quarter. Horizon Investments LLC's holdings in Cummins were worth $6,434,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Brighton Jones LLC grew its position in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after purchasing an additional 83 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company's stock worth $1,240,000 after purchasing an additional 1,146 shares during the period. Treasurer of the State of North Carolina raised its position in shares of Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company's stock valued at $21,055,000 after buying an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC bought a new stake in shares of Cummins in the second quarter valued at about $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins during the second quarter worth about $31,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Down 2.0%

NYSE CMI opened at $657.42 on Friday. Cummins Inc. has a 1-year low of $290.73 and a 1-year high of $674.75. The company has a market capitalization of $90.83 billion, a price-to-earnings ratio of 32.04, a PEG ratio of 2.08 and a beta of 1.27. The stock's 50 day moving average is $581.03 and its two-hundred day moving average is $536.95. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analysts' expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.16 EPS. Equities analysts forecast that Cummins Inc. will post 26.05 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, February 20th. Cummins's dividend payout ratio is currently 38.99%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CMI shares. Citigroup boosted their price target on Cummins from $630.00 to $710.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Morgan Stanley reissued an "overweight" rating and set a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Truist Financial boosted their price objective on Cummins from $703.00 to $730.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a "market perform" rating in a research report on Friday, February 6th. Finally, Wolfe Research downgraded shares of Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 price target on the stock. in a research note on Monday, January 26th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of "Moderate Buy" and an average target price of $600.27.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 1,300 shares of the business's stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president owned 3,389 shares in the company, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Amy Rochelle Davis sold 4,054 shares of the company's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 31,195 shares of company stock valued at $18,397,489. Insiders own 0.30% of the company's stock.

About Cummins

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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