Edgestream Partners L.P. Decreases Stock Position in Cummins Inc. $CMI

Key Points

• Edgestream Partners cut its Cummins stake by 81.7% in the first quarter, selling 8,841 shares and retaining 1,978 shares valued at approximately $1.06 million. Institutional investors collectively own 83.46% of the company.
• Analysts remain broadly positive, with 11 Buy ratings and four Holds, resulting in a consensus “Moderate Buy” rating and an average price target of $740.07. Cummins also exceeded quarterly EPS estimates and reported 2.7% year-over-year revenue growth.
• Cummins increased its quarterly dividend from $2.00 to $2.20 per share, equal to an annualized dividend of $8.80 and a 1.4% yield.

Edgestream Partners L.P. lessened its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 81.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,978 shares of the company's stock after selling 8,841 shares during the period. Edgestream Partners L.P.'s holdings in Cummins were worth $1,064,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. Valmark Advisers Inc. grew its holdings in 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 buying an additional 16 shares in the last quarter. Guardian Partners Inc. raised its holdings in shares of Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock worth $852,000 after acquiring an additional 16 shares in the last quarter. Nicolet Advisory Services LLC raised its holdings in shares of Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock worth $619,000 after acquiring an additional 17 shares in the last quarter. Uhlmann Price Securities LLC boosted its position in shares of Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock valued at $386,000 after acquiring an additional 17 shares during the last quarter. Finally, Financial Consulate Inc. grew its holdings in shares of Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company's stock valued at $64,000 after purchasing an additional 18 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the transaction, the executive vice president owned 11,679 shares in the company, valued at $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock valued at $9,377,684 over the last quarter. Corporate insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a research note on Tuesday, May 26th. Robert W. Baird set a $700.00 target price on shares of Cummins in a report on Wednesday, May 6th. Wells Fargo & Company upped their target price 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. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Cummins in a report on Friday, May 22nd. Finally, Morgan Stanley lifted their price target on Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $740.07.

Cummins Trading Up 2.5%

CMI stock opened at $649.89 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a twelve month low of $356.92 and a twelve month high of $737.76. The stock has a market capitalization of $89.68 billion, a price-to-earnings ratio of 33.73, a price-to-earnings-growth ratio of 1.55 and a beta of 1.24. The firm's fifty day simple moving average is $670.29 and its two-hundred day simple moving average is $623.53.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the business earned $5.96 EPS. The business's revenue was up 2.7% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 29.39 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. Cummins's payout ratio is 41.52%.

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.