Envestnet Portfolio Solutions Inc. Reduces Holdings in Cummins Inc. (NYSE:CMI)

Envestnet Portfolio Solutions Inc. lessened its position in shares of Cummins Inc. (NYSE:CMI) by 14.3% during the first quarter, Holdings Channel reports. The institutional investor owned 4,204 shares of the company’s stock after selling 702 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Cummins were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. BankPlus Trust Department purchased a new stake in Cummins during the 4th quarter worth about $26,000. Meeder Asset Management Inc. increased its stake in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares during the last quarter. TCTC Holdings LLC bought a new position in Cummins in the 4th quarter worth about $28,000. SBI Securities Co. Ltd. bought a new position in Cummins in the 4th quarter worth about $30,000. Finally, Capital A Wealth Management LLC bought a new position in Cummins in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 2.4%

NYSE CMI opened at $323.99 on Wednesday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The stock has a 50 day simple moving average of $312.43 and a two-hundred day simple moving average of $333.79. The stock has a market cap of $44.63 billion, a P/E ratio of 16.12, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $5.08 EPS. On average, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director now owns 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CMI shares. JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Morgan Stanley upped their target price on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Evercore ISI reduced their price objective on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research report on Monday, May 19th. Finally, Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $358.08.

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.