Azzad Asset Management Inc. ADV Sells 1,349 Shares of Cummins Inc. $CMI

Azzad Asset Management Inc. ADV trimmed its stake in Cummins Inc. (NYSE:CMI) by 10.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,978 shares of the company’s stock after selling 1,349 shares during the period. Cummins makes up about 0.6% of Azzad Asset Management Inc. ADV’s portfolio, making the stock its 27th biggest position. Azzad Asset Management Inc. ADV’s holdings in Cummins were worth $6,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of CMI. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares during the last quarter. CW Advisors LLC lifted its stake in shares of Cummins by 34.2% in the 2nd quarter. CW Advisors LLC now owns 2,239 shares of the company’s stock valued at $734,000 after purchasing an additional 571 shares during the last quarter. Avestar Capital LLC lifted its stake in shares of Cummins by 8.2% in the 2nd quarter. Avestar Capital LLC now owns 792 shares of the company’s stock valued at $259,000 after purchasing an additional 60 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its stake in shares of Cummins by 35.7% in the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 228 shares of the company’s stock valued at $75,000 after purchasing an additional 60 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CMI has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Raymond James Financial raised their price objective on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research note on Monday, February 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Cummins has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Insider Activity

In related news, VP Amy Rochelle Davis sold 4,054 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,195 shares of company stock worth $18,397,489 in the last three months. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $552.02 on Tuesday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The firm has a market capitalization of $76.27 billion, a P/E ratio of 26.90, a P/E/G ratio of 1.74 and a beta of 1.14. The stock has a 50 day moving average price of $567.03 and a 200 day moving average price of $511.99.

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

Cummins Announces Dividend

The firm also recently declared 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 1.4%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Cummins Company 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.