Wealth Enhancement Advisory Services LLC Sells 3,002 Shares of Cummins Inc. (NYSE:CMI)

Wealth Enhancement Advisory Services LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 21.7% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 10,860 shares of the company’s stock after selling 3,002 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Cummins were worth $1,768,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gradient Investments LLC grew its stake in shares of Cummins by 102.8% during the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after purchasing an additional 74 shares during the period. Krane Funds Advisors LLC purchased a new position in shares of Cummins during the 2nd quarter valued at about $26,000. Kempen Capital Management N.V. purchased a new position in shares of Cummins during the 2nd quarter valued at about $29,000. Sonora Investment Management LLC purchased a new position in shares of Cummins during the 2nd quarter valued at about $32,000. Finally, Lenox Wealth Advisors LLC purchased a new position in shares of Cummins during the 2nd quarter valued at about $33,000. Institutional investors own 84.41% of the company’s stock.

NYSE CMI traded down $3.40 during trading hours on Wednesday, reaching $180.69. The company’s stock had a trading volume of 961,225 shares, compared to its average volume of 1,267,967. The firm’s 50-day moving average price is $169.26 and its 200-day moving average price is $163.32. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.18. Cummins Inc. has a 1 year low of $124.40 and a 1 year high of $186.73. The company has a market capitalization of $28.54 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.91 and a beta of 1.13.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $3.83 EPS for the quarter, missing the Zacks’ consensus estimate of $3.84 by ($0.01). Cummins had a return on equity of 28.52% and a net margin of 10.53%. The business had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.87 billion. During the same period in the prior year, the firm posted $4.05 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 15.03 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be issued a $1.311 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $5.24 dividend on an annualized basis and a yield of 2.90%. Cummins’s dividend payout ratio is presently 39.61%.

A number of research analysts have recently weighed in on CMI shares. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and set a $207.00 price objective on the stock in a research report on Friday, November 8th. Citigroup reaffirmed a “buy” rating and set a $200.00 price objective (up from $175.00) on shares of Cummins in a research report on Tuesday, November 5th. Morgan Stanley lifted their price objective on Cummins from $162.00 to $174.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Wells Fargo & Co lifted their price objective on Cummins from $165.00 to $180.00 and gave the company a “market perform” rating in a research report on Wednesday, October 30th. Finally, Standpoint Research cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $172.53.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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