Highland Capital Management LLC Buys 180 Shares of Cummins Inc. (NYSE:CMI)

Highland Capital Management LLC raised its stake in Cummins Inc. (NYSE:CMI) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,708 shares of the company’s stock after acquiring an additional 180 shares during the period. Highland Capital Management LLC’s holdings in Cummins were worth $5,440,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares during the last quarter. Norges Bank bought a new stake in shares of Cummins during the fourth quarter worth $292,182,000. iA Global Asset Management Inc. bought a new stake in shares of Cummins during the third quarter worth $71,268,000. Envestnet Asset Management Inc. grew its holdings in shares of Cummins by 88.9% during the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after purchasing an additional 274,927 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Cummins by 28.2% during the third quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock worth $244,710,000 after purchasing an additional 235,372 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Up 1.0 %

NYSE CMI opened at $294.69 on Thursday. The firm has a market cap of $41.80 billion, a P/E ratio of 56.89, a P/E/G ratio of 1.98 and a beta of 1.03. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The stock’s 50-day moving average is $260.31 and its 200-day moving average is $240.49. Cummins Inc. has a one year low of $203.18 and a one year high of $297.11.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion for 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 for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business earned $4.52 EPS. Sell-side analysts anticipate that Cummins Inc. will post 18.36 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CMI shares. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. TD Cowen raised their price target on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Truist Financial assumed coverage on Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target on the stock. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $243.00 to $225.00 in a report on Friday, January 19th. Finally, UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and raised their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $271.64.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,289 shares of company stock worth $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.