Horrell Capital Management Inc. Takes Position in Cummins Inc. $CMI

Horrell Capital Management Inc. bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel reports. The institutional investor bought 916 shares of the company’s stock, valued at approximately $300,000.

Other large investors have also bought and sold shares of the company. Orca Wealth Management LLC increased its position in Cummins by 0.6% in the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after buying an additional 28 shares in the last quarter. V Square Quantitative Management LLC grew its position in Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after purchasing an additional 31 shares during the period. Bank of Jackson Hole Trust increased its stake in Cummins by 1.2% during the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares in the last quarter. Scotia Capital Inc. increased its stake in Cummins by 0.5% during the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after purchasing an additional 34 shares in the last quarter. Finally, Van Hulzen Asset Management LLC raised its holdings in Cummins by 1.2% during the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after buying an additional 34 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of a number of analyst reports. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Truist Financial raised their price target on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research report on Friday, November 7th. JPMorgan Chase & Co. boosted their price objective on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a report on Monday, August 11th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and set a $475.00 price target on shares of Cummins in a report on Friday, November 7th. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $435.00.

Insider Buying and Selling

In other news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. This trade represents a 29.33% 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 the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 33,557 shares of company stock valued at $14,827,352. 0.41% of the stock is owned by insiders.

Cummins Stock Performance

NYSE CMI opened at $478.70 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market capitalization of $65.96 billion, a PE ratio of 22.51, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $484.84. The company has a 50-day simple moving average of $425.87 and a 200 day simple moving average of $373.13.

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

Cummins Dividend Announcement

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

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.