Crossmark Global Holdings Inc. Cuts Holdings in Cummins Inc. $CMI

Crossmark Global Holdings Inc. cut its position in shares of Cummins Inc. (NYSE:CMI) by 29.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,842 shares of the company’s stock after selling 2,029 shares during the period. Crossmark Global Holdings Inc.’s holdings in Cummins were worth $2,045,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Norges Bank purchased a new stake in Cummins during the second quarter valued at $505,941,000. American Century Companies Inc. lifted its holdings in shares of Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after acquiring an additional 528,689 shares during the last quarter. Bank of New York Mellon Corp grew its position in Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Ontario Teachers Pension Plan Board raised its position in Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after purchasing an additional 427,670 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 1,300 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares in the company, valued at $1,978,057.63. This trade represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the transaction, the vice president directly owned 7,214 shares in the company, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,195 shares of company stock valued at $18,397,489 over the last three months. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Down 3.0%

NYSE:CMI opened at $539.59 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The firm has a market cap of $74.55 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. The company has a 50-day moving average of $570.78 and a 200 day moving average of $491.34. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.16 EPS. As a group, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CMI shares. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Raymond James Financial increased their price objective on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. JPMorgan Chase & Co. boosted their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Wells Fargo & Company increased their target price on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $588.93.

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.