Envestnet Asset Management Inc. Raises Holdings in Cummins Inc. $CMI

Envestnet Asset Management Inc. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 4.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 808,223 shares of the company’s stock after purchasing an additional 37,652 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.59% of Cummins worth $264,693,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Applied Finance Capital Management LLC increased its holdings in shares of Cummins by 14.4% in the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after acquiring an additional 7,656 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in shares of Cummins in the 1st quarter valued at about $2,749,000. Alpha Cubed Investments LLC purchased a new position in shares of Cummins in the 1st quarter valued at about $440,000. Invesco Ltd. increased its holdings in shares of Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after acquiring an additional 126,362 shares during the last quarter. Finally, Jump Financial LLC increased its holdings in shares of Cummins by 101.9% in the 1st quarter. Jump Financial LLC now owns 5,843 shares of the company’s stock valued at $1,831,000 after acquiring an additional 2,949 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 1.0%

Cummins stock opened at $421.79 on Monday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The stock has a 50 day moving average of $412.77 and a two-hundred day moving average of $358.27. 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 stock has a market capitalization of $58.12 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.95 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping 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 company had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same period last year, the firm earned $5.26 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed 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 dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CMI shares. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. JPMorgan Chase & Co. upped their target price on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Robert W. Baird upped their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. Finally, Barclays upped their target price on Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $410.50.

Insider Activity at Cummins

In other news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock worth $17,674,285 in the last ninety days. Company insiders own 0.41% of the company’s stock.

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.