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

Envestnet Asset Management Inc. boosted its position in shares of Cummins Inc. (NYSE:CMI) by 2.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 670,258 shares of the company’s stock after acquiring an additional 13,515 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Cummins were worth $233,652,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after acquiring an additional 250,650 shares during the period. Geode Capital Management LLC grew its position in Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after purchasing an additional 84,112 shares during the period. Fisher Asset Management LLC grew its position in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after purchasing an additional 66,887 shares during the period. Norges Bank acquired a new position in shares of Cummins in the 4th quarter valued at about $499,490,000. Finally, Bank of New York Mellon Corp grew its holdings in Cummins by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after acquiring an additional 120,579 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 5.9 %

Shares of CMI opened at $277.82 on Monday. The stock has a 50 day moving average price of $345.89 and a 200 day moving average price of $348.94. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. 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 stock has a market capitalization of $38.19 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01.

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

Cummins Dividend Announcement

The firm also recently announced 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 25.84%.

Wall Street Analyst Weigh In

CMI has been the subject of several recent research reports. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Citigroup lowered their price target on shares of Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Evercore ISI raised their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Truist Financial upped their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Finally, Robert W. Baird raised their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $383.67.

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.