Howard Capital Management Inc. Increases Position in Cummins Inc. $CMI

Howard Capital Management Inc. raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 9.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 839 shares of the company’s stock after buying an additional 71 shares during the period. Howard Capital Management Inc.’s holdings in Cummins were worth $275,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Motley Fool Asset Management LLC increased its stake in Cummins by 9.7% in the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after purchasing an additional 623 shares during the period. Applied Finance Capital Management LLC increased its stake in Cummins by 14.4% in the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after purchasing an additional 7,656 shares during the period. Fox Run Management L.L.C. purchased a new stake in Cummins in the first quarter worth $2,749,000. Alpha Cubed Investments LLC purchased a new stake in Cummins in the first quarter worth $440,000. Finally, Invesco Ltd. increased its stake in Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 43,119 shares of company stock valued at $17,674,285 over the last three months. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

CMI opened at $438.26 on Friday. The business’s 50-day moving average is $415.17 and its two-hundred day moving average is $361.69. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $449.21. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a market capitalization of $60.39 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter in the previous year, the firm earned $5.26 earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, November 21st. Cummins’s payout ratio is 37.61%.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of recent analyst reports. Citigroup increased their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Robert W. Baird raised their price target on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Finally, JPMorgan Chase & Co. raised their price target on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $410.50.

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.