Modera Wealth Management LLC Cuts Position in Cummins Inc. (NYSE:CMI)

Modera Wealth Management LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 9.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,340 shares of the company’s stock after selling 240 shares during the period. Modera Wealth Management LLC’s holdings in Cummins were worth $733,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CMI. FMR LLC boosted its holdings in shares of Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock worth $433,087,000 after purchasing an additional 67,266 shares during the last quarter. Fayez Sarofim & Co boosted its holdings in shares of Cummins by 72.3% during the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock worth $2,857,000 after purchasing an additional 3,440 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of Cummins by 4.2% during the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after purchasing an additional 3,298 shares during the last quarter. Alpha Cubed Investments LLC acquired a new position in shares of Cummins during the 1st quarter worth approximately $440,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after purchasing an additional 1,114 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director John H. Stone bought 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director owned 2,441 shares of the company’s stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CMI. Robert W. Baird boosted their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. JPMorgan Chase & Co. upped their price objective on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. UBS Group cut Cummins from a “buy” rating to a “sell” rating and decreased their price objective for the company from $400.00 to $240.00 in a report on Monday, April 7th. Finally, Barclays upped their price objective on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and an average target price of $361.92.

Cummins Price Performance

CMI stock opened at $367.48 on Friday. The firm has a 50 day moving average of $333.53 and a 200-day moving average of $331.33. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The company has a market cap of $50.62 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 2.03 and a beta of 1.03.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the previous year, the firm posted $5.08 EPS. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. As a group, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. 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.