Azzad Asset Management Inc. ADV Has $5.26 Million Stake in Cummins Inc. $CMI

Azzad Asset Management Inc. ADV lowered its holdings in Cummins Inc. (NYSE:CMI) by 18.4% in the first quarter, Holdings Channel reports. The firm owned 9,777 shares of the company’s stock after selling 2,201 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Cummins were worth $5,260,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $225,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins in the second quarter valued at $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

NYSE:CMI opened at $672.80 on Friday. Cummins Inc. has a 52 week low of $334.70 and a 52 week high of $737.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The firm’s 50-day simple moving average is $678.78 and its 200 day simple moving average is $608.87. The firm has a market cap of $92.84 billion, a price-to-earnings ratio of 34.91, a P/E/G ratio of 1.63 and a beta of 1.22.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the business posted $5.96 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s dividend payout ratio is currently 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last ninety days. 0.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. UBS Group restated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Morgan Stanley lifted their price objective on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Argus boosted their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $738.00.

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.