Crossmark Global Holdings Inc. Buys 3,446 Shares of Cummins Inc. (NYSE:CMI)

Crossmark Global Holdings Inc. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 28.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,644 shares of the company’s stock after acquiring an additional 3,446 shares during the period. Crossmark Global Holdings Inc.’s holdings in Cummins were worth $4,332,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CMI. Norges Bank bought a new stake in Cummins in the 4th quarter worth about $298,867,000. Price T Rowe Associates Inc. MD increased its position in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Cummins by 1,012.0% during the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after acquiring an additional 179,346 shares during the period. The Manufacturers Life Insurance Company boosted its position in Cummins by 129.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after purchasing an additional 167,485 shares during the last quarter. Finally, Swedbank AB bought a new position in Cummins in the 1st quarter valued at $44,489,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $312.75 on Friday. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83. The business’s fifty day moving average is $289.40 and its 200 day moving average is $284.13. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34. The firm has a market cap of $42.78 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the prior year, the business posted $5.18 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.33%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CMI shares. Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. TD Cowen lifted their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Cummins has an average rating of “Hold” and an average target price of $299.55.

Insider Transactions at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.