Evercore Wealth Management LLC Has $1.66 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Evercore Wealth Management LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 17.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,421 shares of the company’s stock after selling 1,397 shares during the period. Evercore Wealth Management LLC’s holdings in Cummins were worth $1,664,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. CVA Family Office LLC acquired a new stake in shares of Cummins during the first quarter worth $25,000. Glassman Wealth Services raised its position in Cummins by 58.4% during the first quarter. Glassman Wealth Services now owns 122 shares of the company’s stock valued at $32,000 after buying an additional 45 shares during the period. Northwest Investment Counselors LLC acquired a new position in Cummins during the first quarter valued at $37,000. Vantage Consulting Group Inc acquired a new position in Cummins during the fourth quarter valued at $40,000. Finally, Freedman Financial Associates Inc. acquired a new position in Cummins during the fourth quarter valued at $40,000. 79.94% of the stock is currently owned by institutional investors.

Cummins stock opened at $239.38 on Thursday. The firm has a 50 day moving average price of $248.18. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.26 and a current ratio of 1.82. The firm has a market cap of $35.08 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 1.31 and a beta of 1.07. Cummins Inc. has a 12 month low of $185.05 and a 12 month high of $277.09.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Monday, May 3rd. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.47 by $0.57. Cummins had a return on equity of 22.10% and a net margin of 9.00%. The firm had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $5.38 billion. During the same quarter in the prior year, the firm posted $3.18 EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. As a group, sell-side analysts expect that Cummins Inc. will post 16.21 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 2nd. Stockholders of record on Friday, August 20th will be issued a $1.45 dividend. The ex-dividend date of this dividend is Thursday, August 19th. This is a boost from Cummins’s previous quarterly dividend of $1.35. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.42%. Cummins’s dividend payout ratio is presently 44.33%.

Several research firms recently weighed in on CMI. BMO Capital Markets upped their price target on Cummins from $235.00 to $270.00 and gave the company a “market perform” rating in a research report on Thursday, May 6th. Zacks Investment Research lowered Cummins from a “buy” rating to a “hold” rating and set a $251.00 price target on the stock. in a research report on Thursday, July 15th. Cowen raised Cummins from a “market perform” rating to an “outperform” rating and set a $284.00 price target on the stock in a research report on Friday, July 16th. Evercore ISI boosted their target price on Cummins from $291.00 to $358.00 in a research note on Wednesday, May 12th. Finally, Robert W. Baird restated a “hold” rating on shares of Cummins in a research note on Thursday, May 6th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company’s stock. Cummins currently has an average rating of “Hold” and an average target price of $267.35.

Cummins Company Profile

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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