Envestnet Asset Management Inc. Increases Stock Position in Cummins Inc. (NYSE:CMI)

Envestnet Asset Management Inc. increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 15.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 770,571 shares of the company's stock after purchasing an additional 100,313 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.56% of Cummins worth $241,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of CMI. Brighton Jones LLC grew its stake in shares of 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 purchasing an additional 83 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Cummins in the fourth quarter worth about $30,000. Proficio Capital Partners LLC bought a new stake in shares of Cummins in the fourth quarter worth about $204,000. Dorsey & Whitney Trust CO LLC grew its stake in shares of Cummins by 4.8% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 1,411 shares of the company's stock worth $492,000 after purchasing an additional 65 shares during the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of Cummins in the fourth quarter worth about $44,000. 83.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director John H. Stone acquired 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.41% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CMI. Robert W. Baird cut their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Evercore ISI cut their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Truist Financial cut their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Citigroup reaffirmed a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Finally, Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $358.08.

Cummins Stock Up 1.6%

Shares of CMI traded up $5.49 during mid-day trading on Thursday, reaching $340.09. The company had a trading volume of 985,532 shares, compared to its average volume of 776,424. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The firm has a 50-day moving average price of $321.75 and a 200 day moving average price of $331.26. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a market capitalization of $46.85 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 2.01 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. During the same period in the previous year, the firm posted $5.08 EPS. The business's revenue for the quarter was down 2.7% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.14%. Cummins's payout ratio is currently 36.22%.

About Cummins

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.