Crossmark Global Holdings Inc. Raises Stock Holdings in Cummins Inc. $CMI

Crossmark Global Holdings Inc. increased its position in Cummins Inc. (NYSE:CMI) by 39.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,744 shares of the company’s stock after purchasing an additional 1,902 shares during the period. Crossmark Global Holdings Inc.’s holdings in Cummins were worth $3,442,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CMI. Thompson Investment Management Inc. bought a new position in Cummins in the 4th quarter valued at approximately $26,000. Activest Wealth Management raised its stake in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Flagship Wealth Advisors LLC bought a new position in shares of Cummins during the third quarter valued at $28,000. Ares Financial Consulting LLC bought a new position in shares of Cummins during the fourth quarter valued at $29,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins during the second quarter valued at $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $679.25 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock has a 50-day simple moving average of $586.92 and a two-hundred day simple moving average of $543.54. The firm has a market capitalization of $93.73 billion, a PE ratio of 35.25, a P/E/G ratio of 1.71 and a beta of 1.27. Cummins Inc. has a 52-week low of $305.13 and a 52-week high of $718.08.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the company earned $5.96 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 28.39 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s payout ratio is currently 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, the director owned 34,243 shares of the company’s stock, valued at $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the transaction, the vice president directly owned 15,130 shares in the company, valued at $8,849,990.90. This represents a 22.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 33,603 shares of company stock valued at $20,047,788. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CMI. Argus set a $696.00 price target on Cummins in a report on Tuesday, February 10th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Robert W. Baird set a $700.00 price target on Cummins in a report on Wednesday. Barclays boosted their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Citigroup increased their price objective on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $649.47.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.