Cummins Inc. (NYSE:CMI) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its position in Cummins Inc. (NYSE:CMI - Free Report) by 15.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 770,571 shares of the company's stock after acquiring an additional 100,313 shares during the period. Envestnet Asset Management Inc. owned 0.56% of Cummins worth $241,528,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Meeder Asset Management Inc. increased its holdings in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares during the period. TCTC Holdings LLC bought a new stake in shares of Cummins in the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. bought a new position in shares of Cummins during the fourth quarter valued at approximately $30,000. Capital A Wealth Management LLC purchased a new position in Cummins during the 4th quarter valued at $32,000. Finally, Olde Wealth Management LLC bought a new position in Cummins in the 1st quarter worth $30,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CMI. Morgan Stanley upped their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Wall Street Zen cut Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and lowered their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Truist Financial reduced their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Finally, Citigroup reissued a "buy" rating and set a $360.00 price target (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $358.08.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone bought 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 completion of the transaction, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.41% of the company's stock.

Cummins Trading Up 1.0%

NYSE CMI traded up $3.46 during trading on Wednesday, hitting $334.21. The stock had a trading volume of 987,901 shares, compared to its average volume of 775,538. The stock has a market capitalization of $46.04 billion, a price-to-earnings ratio of 16.63, a P/E/G ratio of 1.97 and a beta of 1.03. The stock has a 50 day simple moving average of $320.95 and a 200 day simple moving average of $331.24. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the company posted $5.08 earnings per share. Cummins's revenue was down 2.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. Cummins's payout ratio is currently 36.22%.

Cummins 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.