Highland Capital Management LLC Grows Stake in Cummins Inc. (NYSE:CMI)

Highland Capital Management LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 0.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 22,708 shares of the company’s stock after purchasing an additional 180 shares during the quarter. Highland Capital Management LLC’s holdings in Cummins were worth $5,440,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. OFI Invest Asset Management acquired a new stake in shares of Cummins during the third quarter worth $25,000. Silver Oak Securities Incorporated acquired a new stake in shares of Cummins during the third quarter worth $28,000. Tyler Stone Wealth Management acquired a new stake in shares of Cummins during the second quarter worth $30,000. Global Wealth Strategies & Associates acquired a new stake in shares of Cummins during the third quarter worth $29,000. Finally, Quarry LP acquired a new stake in shares of Cummins during the first quarter worth $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the subject of several research reports. Evercore ISI lifted their price objective on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. TD Cowen boosted their target price on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Citigroup boosted their target price on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Morgan Stanley assumed coverage on shares of Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 target price for the company. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $271.64.

Cummins Trading Up 1.0 %

Shares of Cummins stock opened at $294.69 on Thursday. The firm has a 50-day simple moving average of $260.31 and a two-hundred day simple moving average of $240.49. The company has a market cap of $41.80 billion, a P/E ratio of 56.89, a price-to-earnings-growth ratio of 1.98 and a beta of 1.03. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $297.11. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the company posted $4.52 EPS. As a group, equities analysts predict that Cummins Inc. will post 18.36 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,289 shares of company stock valued at $13,576,838. 1.12% of the stock is owned by corporate insiders.

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.