Envestnet Asset Management Inc. Raises Stake in Cummins Inc. (NYSE:CMI)

Envestnet Asset Management Inc. lifted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 670,258 shares of the company's stock after buying an additional 13,515 shares during the period. Envestnet Asset Management Inc. owned approximately 0.49% of Cummins worth $233,652,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CMI. Centiva Capital LP acquired a new position in Cummins in the 3rd quarter valued at $205,000. Wellington Management Group LLP increased its stake in shares of Cummins by 51.7% during the third quarter. Wellington Management Group LLP now owns 4,289 shares of the company's stock worth $1,389,000 after acquiring an additional 1,462 shares during the period. EP Wealth Advisors LLC increased its stake in shares of Cummins by 80.7% during the third quarter. EP Wealth Advisors LLC now owns 3,390 shares of the company's stock worth $1,097,000 after acquiring an additional 1,514 shares during the period. Zacks Investment Management raised its holdings in Cummins by 61.6% during the third quarter. Zacks Investment Management now owns 2,375 shares of the company's stock worth $769,000 after purchasing an additional 905 shares in the last quarter. Finally, Orion Portfolio Solutions LLC lifted its position in Cummins by 7.7% in the third quarter. Orion Portfolio Solutions LLC now owns 10,748 shares of the company's stock valued at $3,480,000 after purchasing an additional 770 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Price Performance

CMI traded up $4.25 during midday trading on Friday, reaching $286.00. 722,702 shares of the company's stock were exchanged, compared to its average volume of 813,958. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The stock has a market capitalization of $39.40 billion, a PE ratio of 10.15, a P/E/G ratio of 2.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The business's 50-day moving average price is $335.61 and its 200 day moving average price is $346.83.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. During the same period last year, the company posted $4.14 EPS. The company's revenue was down 1.1% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.55%. Cummins's dividend payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Robert W. Baird boosted their target price on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 5th. StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. JPMorgan Chase & Co. reduced their target price on Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a report on Friday. Evercore ISI upped their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Finally, Citigroup reduced their price objective on shares of Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $354.17.

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.