Wealth Enhancement Advisory Services LLC Grows Holdings in Cummins Inc. (NYSE:CMI)

Wealth Enhancement Advisory Services LLC increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 35.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 31,658 shares of the company's stock after purchasing an additional 8,261 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Cummins were worth $9,923,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. BankPlus Trust Department purchased a new position in shares of Cummins during the fourth quarter worth about $26,000. Meeder Asset Management Inc. lifted its holdings in shares of Cummins by 208.0% during the 4th 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 purchased a new position in Cummins in the fourth quarter worth $28,000. SBI Securities Co. Ltd. bought a new position in Cummins in the fourth quarter valued at $30,000. Finally, Capital A Wealth Management LLC purchased a new stake in Cummins during the fourth quarter valued at about $32,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Up 2.4%

Shares of NYSE:CMI traded up $7.65 during trading on Tuesday, hitting $323.99. The stock had a trading volume of 317,620 shares, compared to its average volume of 776,263. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $44.63 billion, a PE ratio of 16.12, a PEG ratio of 1.89 and a beta of 1.04. The firm's fifty day moving average is $311.69 and its 200 day moving average is $333.86. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $8.22 billion. During the same period last year, the company posted $5.08 EPS. Cummins's revenue was down 2.7% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 22.54 EPS 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. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. Cummins's payout ratio is presently 36.22%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CMI shares. Robert W. Baird decreased their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Citigroup boosted their price objective on shares of Cummins from $350.00 to $360.00 and gave the stock a "buy" rating in a report on Tuesday. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and increased their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Evercore ISI lowered their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. Finally, Wall Street Zen downgraded Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of "Hold" and a consensus target price of $358.08.

Insider Buying and Selling

In related news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by company insiders.

Cummins Company 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.