Edgestream Partners L.P. Lowers Stock Holdings in Cummins Inc. $CMI

Edgestream Partners L.P. reduced its stake in Cummins Inc. (NYSE:CMI) by 81.7% during the first quarter, Holdings Channel.com reports. The fund owned 1,978 shares of the company’s stock after selling 8,841 shares during the quarter. Edgestream Partners L.P.’s holdings in Cummins were worth $1,064,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Valmark Advisers Inc. raised its stake in shares of Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after acquiring an additional 16 shares in the last quarter. Guardian Partners Inc. grew its stake in Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after purchasing an additional 16 shares in the last quarter. Nicolet Advisory Services LLC grew its stake in Cummins by 1.6% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC increased its holdings in Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after purchasing an additional 17 shares during the period. Finally, Financial Consulate Inc. raised its position in Cummins by 16.8% during the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after purchasing an additional 18 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI opened at $649.89 on Tuesday. The business’s 50-day moving average is $670.29 and its two-hundred day moving average is $623.53. Cummins Inc. has a 1 year low of $356.92 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a market capitalization of $89.68 billion, a PE ratio of 33.73, a price-to-earnings-growth ratio of 1.55 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.96 earnings per share. Research analysts anticipate that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a dividend of $2.20 per share. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Morgan Stanley upped their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Finally, Argus raised their target price on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $740.07.

Insider Activity

In related news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the sale, the vice president owned 8,508 shares of the company’s stock, valued at $5,784,589.20. This represents a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last 90 days. 0.30% of the stock is currently owned by insiders.

About Cummins

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.