Cummins Inc. (CMI) Holdings Trimmed by Envestnet Asset Management Inc.
Envestnet Asset Management Inc. cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,044 shares of the company’s stock after selling 2,964 shares during the period. Envestnet Asset Management Inc.’s holdings in Cummins were worth $5,411,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Texas Yale Capital Corp. lifted its stake in Cummins by 43.7% during the third quarter. Texas Yale Capital Corp. now owns 2,896 shares of the company’s stock worth $423,000 after purchasing an additional 880 shares during the last quarter. Moloney Securities Asset Management LLC bought a new stake in Cummins during the third quarter worth $222,000. Edge Wealth Management LLC bought a new stake in Cummins during the third quarter worth $102,000. Verity & Verity LLC lifted its stake in Cummins by 13.6% during the third quarter. Verity & Verity LLC now owns 22,560 shares of the company’s stock worth $3,295,000 after purchasing an additional 2,706 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in Cummins by 8.9% during the third quarter. Oppenheimer & Co. Inc. now owns 19,811 shares of the company’s stock worth $2,893,000 after purchasing an additional 1,622 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.
CMI has been the subject of a number of research reports. JPMorgan Chase & Co. cut Cummins from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $156.00 to $137.00 in a research note on Friday, August 24th. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a research note on Monday, August 27th. Stifel Nicolaus set a $156.00 price target on Cummins and gave the company a “buy” rating in a research note on Monday, September 10th. ValuEngine upgraded Cummins from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Finally, Piper Jaffray Companies upgraded Cummins from a “neutral” rating to an “overweight” rating and increased their price target for the company from $143.00 to $188.00 in a research note on Thursday, October 4th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. Cummins currently has a consensus rating of “Hold” and a consensus price target of $163.16.
NYSE CMI opened at $131.45 on Tuesday. The firm has a market capitalization of $21.49 billion, a P/E ratio of 9.22, a P/E/G ratio of 0.73 and a beta of 1.17. Cummins Inc. has a twelve month low of $124.72 and a twelve month high of $194.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.94.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.76 by $0.29. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.96 billion. Cummins had a return on equity of 29.17% and a net margin of 5.57%. Cummins’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.71 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 15.34 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 3rd. Investors of record on Thursday, November 15th were issued a $1.14 dividend. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $4.56 dividend on an annualized basis and a yield of 3.47%. Cummins’s payout ratio is 42.94%.
Cummins announced that its board has authorized a share buyback plan on Tuesday, October 9th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 8.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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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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