Cummins Inc. $CMI Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its holdings in Cummins Inc. (NYSE:CMI) by 4.9% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 808,223 shares of the company’s stock after buying an additional 37,652 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Cummins were worth $264,693,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Orca Wealth Management LLC raised its holdings in Cummins by 0.6% during the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after purchasing an additional 28 shares during the last quarter. V Square Quantitative Management LLC raised its holdings in Cummins by 1.0% during the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after purchasing an additional 31 shares during the last quarter. Bank of Jackson Hole Trust raised its holdings in Cummins by 1.2% during the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after purchasing an additional 33 shares during the last quarter. Scotia Capital Inc. raised its holdings in Cummins by 0.5% during the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after purchasing an additional 34 shares during the last quarter. Finally, Van Hulzen Asset Management LLC raised its holdings in Cummins by 1.2% during the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after purchasing an additional 34 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of several research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Finally, Citigroup raised their price target on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Insider Activity

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock valued at $17,674,285 in the last 90 days. 0.41% of the stock is owned by corporate insiders.

Cummins Price Performance

CMI stock opened at $421.79 on Monday. The stock has a 50-day moving average price of $412.77 and a two-hundred day moving average price of $358.27. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company has a market cap of $58.12 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the previous year, the business earned $5.26 earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is 37.61%.

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.