Horrell Capital Management Inc. Purchases Shares of 750 Cummins Inc. $CMI

Horrell Capital Management Inc. bought a new position in shares of Cummins Inc. (NYSE:CMI) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 750 shares of the company’s stock, valued at approximately $404,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Thompson Investment Management Inc. purchased a new stake in shares of Cummins during the 4th quarter worth approximately $26,000. Activest Wealth Management raised its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new stake in Cummins in the fourth quarter valued at $27,000. Key Financial Inc lifted its position in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares during the last quarter. Finally, Birchwood Financial Partners Inc. acquired a new position in Cummins in the fourth quarter valued at $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

NYSE:CMI opened at $672.80 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a market cap of $92.84 billion, a price-to-earnings ratio of 34.91, a price-to-earnings-growth ratio of 1.63 and a beta of 1.22. The firm’s fifty day moving average price is $678.78 and its 200 day moving average price is $608.87. Cummins Inc. has a 1-year low of $334.70 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.96 EPS. On average, sell-side analysts expect that Cummins Inc. will post 29.32 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio is currently 41.52%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Morgan Stanley raised their price target on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Citigroup lifted their price target on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Finally, Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $738.00.

Insider Transactions at Cummins

In related news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president owned 8,316 shares in the company, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 in the last three months. Insiders own 0.30% of the company’s stock.

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.