Wealthcare Advisory Partners LLC Trims Stake in Cummins Inc. $CMI

Wealthcare Advisory Partners LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 32.3% during the second quarter, Holdings Channel.com reports. The firm owned 4,375 shares of the company’s stock after selling 2,086 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Cummins were worth $3,120,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Brighton Jones LLC increased its position in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares in the last quarter. Intech Investment Management LLC lifted its position 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 valued at $1,240,000 after buying an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina lifted its position 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 valued at $21,055,000 after buying an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC bought a new position in shares of Cummins during the 2nd quarter valued at approximately $225,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins during the 2nd quarter valued at approximately $31,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Evercore restated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Truist Financial set a $894.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Morgan Stanley lifted their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Wells Fargo & Company upped their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Price Performance

CMI stock opened at $638.07 on Thursday. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company has a fifty day simple moving average of $666.90 and a two-hundred day simple moving average of $626.70. The firm has a market capitalization of $87.84 billion, a P/E ratio of 32.60, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $6.43 earnings per share. Analysts anticipate that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 40.88%.

About Cummins

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.