Cummins Inc. $CMI Stock Holdings Increased by NewEdge Advisors LLC

Key Points

• NewEdge Advisors increased its Cummins stake by 123.1% in the first quarter, reaching 96,147 shares valued at approximately $51.7 million. Institutional investors collectively own 83.46% of the company.
• Analysts maintain a “Moderate Buy” consensus on Cummins, with 11 Buy ratings and four Holds and an average price target of $745.64, above the reported $643.44 share price.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, although earnings per share of $6.73 missed estimates. The company raised its quarterly dividend to $2.20, implying an annualized yield of approximately 1.4%.

NewEdge Advisors LLC raised its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 123.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,147 shares of the company's stock after buying an additional 53,048 shares during the quarter. NewEdge Advisors LLC owned about 0.07% of Cummins worth $51,729,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CMI. Valmark Advisers Inc. raised its position in shares of Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock valued at $472,000 after acquiring an additional 16 shares in the last quarter. Guardian Partners Inc. boosted its holdings in Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock worth $852,000 after purchasing an additional 16 shares during the period. Nicolet Advisory Services LLC increased its stake in Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock valued at $619,000 after purchasing an additional 17 shares during the last quarter. Uhlmann Price Securities LLC raised its holdings in shares of Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock worth $386,000 after purchasing an additional 17 shares during the period. Finally, Financial Consulate Inc. raised its holdings in shares of Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company's stock worth $64,000 after purchasing an additional 18 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on CMI shares. UBS Group decreased their price target on shares of Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a report on Wednesday. Argus increased their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research note on Monday, June 1st. Morgan Stanley raised their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Sanford C. Bernstein restated a "market perform" rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday. Finally, Raymond James Financial upped their target price on Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Cummins currently has an average rating of "Moderate Buy" and an average price target of $745.64.

Cummins Stock Down 1.0%

Cummins stock opened at $643.44 on Friday. Cummins Inc. has a 52 week low of $379.41 and a 52 week high of $737.76. The stock has a market cap of $88.58 billion, a price-to-earnings ratio of 32.88, a PEG ratio of 1.58 and a beta of 1.24. The company's 50-day moving average price is $668.87 and its two-hundred day moving average price is $625.03. The company has a current ratio of 1.73, a quick ratio of 1.11 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly 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 company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company's revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $6.43 earnings per share. On average, analysts expect that Cummins Inc. will post 29.53 EPS for the current fiscal 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 $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Cummins's previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins's payout ratio is currently 41.52%.

Insider Activity

In other news, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Donald G. Jackson sold 730 shares of the company's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares of the company's stock, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 7,690 shares of company stock worth $5,360,654 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source