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

Wealth Enhancement Advisory Services LLC boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 34.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,397 shares of the company's stock after buying an additional 6,042 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Cummins were worth $8,156,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BankPlus Trust Department bought a new position in Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins in the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares during the period. TCTC Holdings LLC purchased a new position in shares of Cummins in the 4th quarter worth approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Cummins in the 4th quarter worth approximately $30,000. 83.46% of the stock is owned by institutional investors.

Insider Activity

In related news, Director John H. Stone purchased 1,000 shares of the business's 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 now owns 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

CMI has been the subject of a number of recent research reports. Robert W. Baird dropped their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Evercore ISI decreased their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and raised their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Finally, Citigroup raised their price target on Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $357.25.

Cummins Stock Down 0.0%

NYSE CMI traded down $0.04 on Thursday, reaching $322.80. 550,917 shares of the stock traded hands, compared to its average volume of 799,980. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a fifty day moving average price of $304.08 and a 200-day moving average price of $338.78. The company has a market cap of $44.47 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 2.19 and a beta of 1.02. 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 earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same period in the previous year, the company posted $5.08 EPS. Cummins's revenue was down 2.7% on a year-over-year basis. As a group, research analysts forecast 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 will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be issued a $1.82 dividend. The ex-dividend date is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. Cummins's dividend payout ratio is presently 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.