Envestnet Asset Management Inc. Increases Stock Holdings in Cummins Inc. (NYSE:CMI)

Envestnet Asset Management Inc. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 2.1% during the 4th quarter, according to its most recent 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.

Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. Global Trust Asset Management LLC raised its stake in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department purchased a new stake in shares of Cummins in the fourth quarter worth approximately $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its holdings in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new position in Cummins in the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent analyst reports. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Evercore ISI lifted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Robert W. Baird boosted their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $383.67.

Cummins Stock Performance

CMI stock opened at $277.82 on Monday. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. The firm has a market cap of $38.19 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01. 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 firm has a 50-day simple moving average of $345.89 and a two-hundred day simple moving average of $348.94.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the firm earned $4.14 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

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.