First Horizon Advisors Inc. Buys 217 Shares of Cummins Inc. (NYSE:CMI)

First Horizon Advisors Inc. boosted its stake in Cummins Inc. (NYSE:CMI) by 0.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,951 shares of the company’s stock after buying an additional 217 shares during the quarter. First Horizon Advisors Inc.’s holdings in Cummins were worth $16,040,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CMI. Bison Wealth LLC increased its position in shares of Cummins by 3.6% during the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after purchasing an additional 42 shares in the last quarter. KB Financial Partners LLC increased its holdings in shares of Cummins by 1.3% during the third quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock worth $819,000 after buying an additional 45 shares in the last quarter. Edmp Inc. boosted its holdings in shares of Cummins by 0.8% in the 4th quarter. Edmp Inc. now owns 5,560 shares of the company’s stock worth $1,332,000 after acquiring an additional 46 shares in the last quarter. Ledge Wealth Management Inc. boosted its holdings in shares of Cummins by 0.5% in the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock worth $2,165,000 after acquiring an additional 48 shares in the last quarter. Finally, Peloton Wealth Strategists increased its holdings in Cummins by 0.4% during the 3rd quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock valued at $3,227,000 after purchasing an additional 50 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Evercore ISI raised their target price on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. TD Cowen boosted their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. The Goldman Sachs Group upped their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Truist Financial assumed coverage on Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price for the company. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $279.70.

Insider Buying and Selling

In other Cummins news, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was purchased at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now owns 1,068 shares in the company, valued at $284,696.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is owned by company insiders.

Cummins Trading Down 2.2 %

Shares of Cummins stock traded down $6.27 during trading on Thursday, hitting $277.60. 763,156 shares of the company were exchanged, compared to its average volume of 2,604,619. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The firm has a market capitalization of $37.96 billion, a P/E ratio of 54.80, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04. The firm’s fifty day moving average price is $284.71 and its 200 day moving average price is $251.99. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.52 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

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.