Benjamin Edwards Inc. Has $18.51 Million Position in Cummins Inc. $CMI

Key Points

• Benjamin Edwards Inc. reduced its Cummins stake by 22.3% in the second quarter, selling 7,437 shares and retaining 25,933 shares valued at $18.51 million. Institutional investors and hedge funds collectively own 83.46% of the stock.
• Analysts remain broadly positive, with 12 Buy ratings and four Holds. Cummins has a “Moderate Buy” consensus rating and an average price target of $745.64.
• Cummins reported quarterly EPS of $6.73, below the $7.21 consensus, while revenue rose 9.4% year over year to $9.46 billion. The company also increased its quarterly dividend to $2.20 per share, implying an annualized yield of about 1.6%.

Benjamin Edwards Inc. trimmed its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 22.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,933 shares of the company's stock after selling 7,437 shares during the quarter. Benjamin Edwards Inc.'s holdings in Cummins were worth $18,510,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Activest Wealth Management increased its stake in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after purchasing an additional 43 shares during the period. Cedar Mountain Advisors LLC increased its position in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after buying an additional 45 shares during the period. Persistent Asset Partners Ltd bought a new position in Cummins during the 2nd quarter worth $26,000. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins during the fourth quarter worth $27,000. Finally, Key Financial Inc boosted its position in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after acquiring an additional 20 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on CMI shares. Citigroup raised their price target on shares of Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. UBS Group lowered their target price on shares of Cummins from $850.00 to $835.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Wells Fargo & Company lifted their price target on shares of Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. Raymond James Financial increased their price target on Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 26th. Finally, Argus raised their price objective on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research note on Monday, June 1st. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and an average target price of $745.64.

Insider Transactions at Cummins

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company's stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company's stock.

Cummins Stock Down 1.6%

NYSE:CMI opened at $564.61 on Friday. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a market cap of $77.72 billion, a PE ratio of 28.85, a P/E/G ratio of 1.35 and a beta of 1.24. The firm's 50 day simple moving average is $647.45 and its 200 day simple moving average is $627.90.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins's revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $6.43 EPS. On average, research analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. This is a boost from Cummins's previous quarterly dividend of $2.00. Cummins's payout ratio is currently 44.97%.

Cummins Profile

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.

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