Envestnet Asset Management Inc. Acquires 100,313 Shares of Cummins Inc. (NYSE:CMI)

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

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

Analysts Set New Price Targets

A number of brokerages have commented on CMI. Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Citigroup restated a "buy" rating and issued a $360.00 target price (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Evercore ISI decreased their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. JPMorgan Chase & Co. increased their price objective on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $358.08.

Insider Activity at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were acquired 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Cummins Price Performance

Shares of NYSE CMI traded up $8.43 during trading on Thursday, hitting $343.03. The company had a trading volume of 286,706 shares, compared to its average volume of 859,249. The company has a market cap of $47.26 billion, a P/E ratio of 17.07, a PEG ratio of 1.99 and a beta of 1.03. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The business's 50-day moving average is $321.75 and its 200 day moving average is $331.26. 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 announced its earnings results 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 the consensus estimate of $8.22 billion. During the same period in the previous year, the business earned $5.08 EPS. The company's revenue was down 2.7% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Friday, May 23rd. Cummins's dividend 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.