First Horizon Advisors Inc. Increases Position in Cummins Inc. (NYSE:CMI)

First Horizon Advisors Inc. boosted its position in Cummins Inc. (NYSE:CMI) by 0.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 66,951 shares of the company’s stock after acquiring an additional 217 shares during the period. First Horizon Advisors Inc.’s holdings in Cummins were worth $16,040,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. OFI Invest Asset Management purchased a new position in Cummins during the third quarter worth about $25,000. Silver Oak Securities Incorporated purchased a new stake in shares of Cummins during the 3rd quarter worth about $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in Cummins during the 4th quarter worth approximately $31,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Cummins in the third quarter valued at approximately $39,000. Finally, Peoples Bank KS acquired a new position in Cummins during the third quarter valued at approximately $43,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the subject of several recent research reports. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Morgan Stanley assumed coverage on Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price objective on the stock. Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $243.00 to $225.00 in a research note on Friday, January 19th. TD Cowen boosted their price target on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Finally, UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their price target for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $279.70.

Insider Buying and Selling

In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at $720,123.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction that occurred on 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 owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 over the last ninety days. 0.56% of the stock is owned by insiders.

Cummins Stock Down 2.2 %

NYSE CMI traded down $6.27 during trading hours on Thursday, reaching $277.60. 763,156 shares of the company traded hands, compared to its average volume of 2,604,619. The stock has a market capitalization of $37.96 billion, a PE ratio of 54.80, a PEG ratio of 1.92 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The company has a 50 day moving average of $284.71 and a two-hundred day moving average of $251.99.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the previous year, the business posted $4.52 EPS. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

About Cummins

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.