Azzad Asset Management Inc. ADV Makes New Investment in Cummins Inc. (NYSE:CMI)

Azzad Asset Management Inc. ADV acquired a new position in Cummins Inc. (NYSE:CMI) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 12,239 shares of the company’s stock, valued at approximately $3,836,000.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. BankPlus Trust Department bought a new position in shares of Cummins in the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. raised its position in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new position in Cummins during the 4th quarter valued at approximately $28,000. SBI Securities Co. Ltd. bought a new position in Cummins during the 4th quarter valued at approximately $30,000. Finally, Capital A Wealth Management LLC bought a new position in Cummins during the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.41% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $319.19 on Friday. The company has a market capitalization of $43.97 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The business’s fifty day moving average is $308.02 and its 200 day moving average is $336.91. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.08 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.28%. Cummins’s dividend payout ratio is presently 36.22%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CMI shares. JPMorgan Chase & Co. raised their price objective on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Robert W. Baird cut their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Citigroup increased their target price on Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $357.25.

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.