Harrell Investment Partners LLC Buys Shares of 8,444 Cummins Inc. (NYSE:CMI)

Harrell Investment Partners LLC purchased a new position in Cummins Inc. (NYSE:CMI) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,444 shares of the company’s stock, valued at approximately $2,647,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BankPlus Trust Department purchased a new position in shares of Cummins in the fourth quarter worth $26,000. Meeder Asset Management Inc. boosted its holdings in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. TCTC Holdings LLC acquired a new position in Cummins in the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. acquired a new position in shares of Cummins in the 4th quarter worth approximately $30,000. Finally, Capital A Wealth Management LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $314.69 on Thursday. The firm has a 50 day moving average of $309.88 and a 200-day moving average of $335.77. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The company has a market cap of $43.35 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 1.89 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same period last year, the company posted $5.08 EPS. The company’s revenue was down 2.7% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.31%. Cummins’s payout ratio is currently 36.22%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Robert W. Baird decreased their price objective on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Evercore ISI decreased their target price on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research note on Monday, May 19th. Finally, Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $357.25.

Insiders Place Their Bets

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now directly owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is owned by corporate insiders.

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.