NewEdge Wealth LLC Has $4.69 Million Stock Holdings in Cummins Inc. $CMI

Key Points

• NewEdge Wealth LLC cut its Cummins stake by 18.9% in Q1, leaving it with 8,719 shares valued at about $4.69 million.
• Cummins reported stronger-than-expected quarterly results, posting $6.15 EPS versus the $5.63 estimate and revenue of $8.40 billion, while analysts still see continued upside with a consensus target around $740.07.
• The company also raised its quarterly dividend to $2.20 per share from $2.00, and several insiders sold shares recently, including VP Jennifer Mary Bush, who sold 5,000 shares.

NewEdge Wealth LLC trimmed its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 18.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,719 shares of the company's stock after selling 2,036 shares during the quarter. NewEdge Wealth LLC's holdings in Cummins were worth $4,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in CMI. Cedar Mountain Advisors LLC lifted its position in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after purchasing an additional 45 shares during the period. Thompson Investment Management Inc. acquired a new stake in shares of Cummins during the fourth quarter worth $26,000. Activest Wealth Management increased its position in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after buying an additional 43 shares during the period. Wellington Shields Capital Management LLC bought a new position in Cummins during the fourth quarter worth $27,000. Finally, Key Financial Inc raised its stake in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after buying an additional 20 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Jennifer Mary Bush sold 5,000 shares of the business's 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 transaction, the vice president owned 11,986 shares in the company, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider directly owned 10,404 shares of the company's stock, valued at approximately $7,165,755. This represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. Corporate insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CMI. Robert W. Baird set a $700.00 price target on Cummins in a report on Wednesday, May 6th. Evercore reaffirmed an "outperform" rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Barclays lifted their target price on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Sanford C. Bernstein reissued a "market perform" rating on shares of Cummins in a research note on Friday, May 22nd. Finally, UBS Group restated a "buy" rating on shares of Cummins in a report on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $740.07.

Cummins Trading Up 0.6%

Shares of Cummins stock opened at $664.71 on Friday. The stock has a fifty day simple moving average of $672.88 and a 200 day simple moving average of $618.96. The company has a market capitalization of $91.72 billion, a P/E ratio of 34.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.22. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12-month low of $354.68 and a 12-month high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the firm earned $5.96 earnings per share. The firm's revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 29.39 earnings per share for the current fiscal 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. This is a positive change from Cummins's previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.3%. Cummins's dividend payout ratio (DPR) is 45.67%.

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.

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI - Free Report).

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.