First Horizon Advisors Inc. Has $23.98 Million Stake in Cummins Inc. $CMI

First Horizon Advisors Inc. grew its position in shares of Cummins Inc. (NYSE:CMI) by 5.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,211 shares of the company’s stock after buying an additional 3,565 shares during the quarter. First Horizon Advisors Inc.’s holdings in Cummins were worth $23,977,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of CMI. Brighton Jones LLC raised its holdings in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the period. World Investment Advisors grew its position in Cummins by 157.6% in the first quarter. World Investment Advisors now owns 2,280 shares of the company’s stock worth $715,000 after acquiring an additional 1,395 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Cummins by 15.0% in the first quarter. Envestnet Asset Management Inc. now owns 770,571 shares of the company’s stock worth $241,528,000 after acquiring an additional 100,313 shares in the last quarter. Raleigh Capital Management Inc. grew its position in Cummins by 4,533.3% in the first quarter. Raleigh Capital Management Inc. now owns 834 shares of the company’s stock worth $261,000 after acquiring an additional 816 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC boosted its position in Cummins by 8.1% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 8,109 shares of the company’s stock valued at $2,542,000 after buying an additional 610 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $428.58 on Wednesday. The company has a market cap of $59.05 billion, a PE ratio of 20.15, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $449.21. The company’s 50-day moving average price is $417.32 and its 200-day moving average price is $365.98. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.26 earnings per share. On average, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders 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 dividend on an annualized basis and a yield of 1.9%. Cummins’s dividend payout ratio is presently 37.61%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CMI. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Barclays raised their target price on shares of Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research note on Monday, October 20th. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Finally, Citigroup raised their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Insider Buying and Selling at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction 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 transaction, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares in the company, valued at $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 43,319 shares of company stock worth $17,764,105 in the last three months. 0.41% of the stock is owned by company 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.