34,373 Cummins Inc. $CMI Shares Bought by Howard Capital Management LLC

Howard Capital Management LLC raised its stake in Cummins Inc. (NYSE:CMI) by 3,996.9% in the third quarter, HoldingsChannel reports. The fund owned 35,233 shares of the company’s stock after purchasing an additional 34,373 shares during the period. Howard Capital Management LLC’s holdings in Cummins were worth $18,200,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Cummins during the 2nd quarter valued at approximately $8,204,241,000. Bank of America Corp DE acquired a new position in shares of Cummins in the 2nd quarter valued at $1,408,353,000. Bank of New York Mellon Corp purchased a new stake in Cummins during the second quarter worth $973,198,000. Legal & General Group Plc purchased a new stake in Cummins during the second quarter worth $666,635,000. Finally, Amundi boosted its holdings in Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after buying an additional 147,093 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. CICC Research began coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price objective for the company. Morgan Stanley upped their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Evercore lowered their target price on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. Wells Fargo & Company dropped their target price on Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday, October 8th. Finally, Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $708.18.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Cummins Price Performance

NYSE:CMI traded down $2.01 during trading hours on Friday, reaching $530.72. 1,255,487 shares of the company were exchanged, compared to its average volume of 1,127,504. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock’s 50-day moving average is $555.86 and its 200-day moving average is $619.86. The firm has a market cap of $73.06 billion, a PE ratio of 27.12, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. Cummins Inc. has a twelve month low of $405.82 and a twelve month high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the previous year, the business earned $6.43 earnings per share. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.