Azzad Asset Management Inc. ADV Purchases 1,088 Shares of Cummins Inc. (NYSE:CMI)

Azzad Asset Management Inc. ADV grew its position in Cummins Inc. (NYSE:CMI) by 13.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,296 shares of the company’s stock after acquiring an additional 1,088 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Cummins were worth $2,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Alps Advisors Inc. increased its position in shares of Cummins by 4.2% during the 3rd quarter. Alps Advisors Inc. now owns 7,647 shares of the company’s stock valued at $1,747,000 after purchasing an additional 306 shares during the last quarter. Earnest Partners LLC increased its position in shares of Cummins by 1.7% during the 3rd quarter. Earnest Partners LLC now owns 283,332 shares of the company’s stock valued at $64,730,000 after purchasing an additional 4,635 shares during the last quarter. Legacy Advisors LLC bought a new position in shares of Cummins during the 3rd quarter valued at approximately $719,000. KPP Advisory Services LLC bought a new position in shares of Cummins during the 3rd quarter valued at approximately $361,000. Finally, Seven Eight Capital LP bought a new position in shares of Cummins during the 3rd quarter valued at approximately $534,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was purchased at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on CMI shares. TD Cowen upped their price objective on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. JPMorgan Chase & Co. upped their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. Robert W. Baird cut their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. The Goldman Sachs Group upped their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, Truist Financial cut their price objective on Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus target price of $287.18.

Cummins Trading Up 1.7 %

Shares of NYSE CMI opened at $272.13 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The stock has a market capitalization of $37.22 billion, a P/E ratio of 19.92, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The business has a fifty day moving average price of $281.44 and a 200 day moving average price of $269.48.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Equities research analysts expect that Cummins Inc. will post 18.86 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were paid a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is currently 49.19%.

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.