Horrell Capital Management Inc. Purchases Shares of 916 Cummins Inc. $CMI

Horrell Capital Management Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 916 shares of the company’s stock, valued at approximately $300,000.

Several other institutional investors have also added to or reduced their stakes in CMI. Geode Capital Management LLC raised its stake in shares of Cummins by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares during the period. Wealth Alliance LLC grew its holdings in shares of Cummins by 69.4% during the second quarter. Wealth Alliance LLC now owns 2,825 shares of the company’s stock worth $925,000 after buying an additional 1,157 shares in the last quarter. Forsta AP Fonden raised its position in Cummins by 34.0% in the 2nd quarter. Forsta AP Fonden now owns 69,340 shares of the company’s stock valued at $22,709,000 after buying an additional 17,600 shares during the last quarter. National Pension Service lifted its stake in Cummins by 0.7% in the 2nd quarter. National Pension Service now owns 230,658 shares of the company’s stock valued at $75,540,000 after acquiring an additional 1,570 shares in the last quarter. Finally, Ironwood Investment Counsel LLC boosted its position in Cummins by 5.3% during the 2nd quarter. Ironwood Investment Counsel LLC now owns 24,184 shares of the company’s stock worth $7,920,000 after acquiring an additional 1,207 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 33,557 shares of company stock worth $14,827,352 in the last 90 days. Insiders own 0.41% of the company’s stock.

Cummins Stock Up 0.6%

CMI stock opened at $478.70 on Thursday. The business’s fifty day moving average price is $425.87 and its two-hundred day moving average price is $373.13. The stock has a market capitalization of $65.96 billion, a price-to-earnings ratio of 22.51, a PEG ratio of 2.05 and a beta of 1.07. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $484.84. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $5.86 EPS. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CMI. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Citigroup lifted their price target on shares of Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a research note on Friday, November 7th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Ten equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $435.00.

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.