Wealthcare Advisory Partners LLC Sells 2,086 Shares of Cummins Inc. $CMI

Key Points

• Wealthcare Advisory Partners cut its Cummins position by 32.3% in the second quarter, selling 2,086 shares and retaining 4,375 shares valued at approximately $3.12 million. Institutional investors collectively own 83.46% of Cummins.
• Analysts maintain a positive outlook, with 11 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $745.64.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, though earnings per share of $6.73 missed estimates. The company also raised its quarterly dividend to $2.20, implying an annualized yield of about 1.4%.

Wealthcare Advisory Partners LLC decreased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 32.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,375 shares of the company's stock after selling 2,086 shares during the quarter. Wealthcare Advisory Partners LLC's holdings in Cummins were worth $3,120,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Cummins by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock valued at $9,058,841,000 after acquiring an additional 98,544 shares in the last quarter. State Street Corp boosted its stake in Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company's stock valued at $3,322,954,000 after purchasing an additional 49,628 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock worth $1,822,534,000 after purchasing an additional 35,286 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Cummins by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company's stock worth $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on CMI. Wells Fargo & Company increased their price objective on Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. UBS Group decreased their target price on Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Raymond James Financial raised their price target on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Sanford C. Bernstein reiterated a "market perform" rating and issued a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Finally, Argus boosted their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a report on Monday, June 1st. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Cummins has a consensus rating of "Moderate Buy" and an average price target of $745.64.

Cummins Stock Performance

Shares of CMI opened at $638.07 on Thursday. The firm has a market capitalization of $87.84 billion, a P/E ratio of 32.60, a PEG ratio of 1.50 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The business has a fifty day moving average of $666.90 and a 200 day moving average of $626.70.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company posted $6.43 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 30.15 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. Cummins's payout ratio is 40.88%.

Cummins Company Profile

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.

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