NewEdge Wealth LLC Sells 2,036 Shares of Cummins Inc. $CMI

NewEdge Wealth LLC trimmed its stake in Cummins Inc. (NYSE:CMI) by 18.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,719 shares of the company’s stock after selling 2,036 shares during the quarter. NewEdge Wealth LLC’s holdings in Cummins were worth $4,691,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMI. Thompson Investment Management Inc. purchased a new stake in shares of Cummins during the 4th quarter worth approximately $26,000. Activest Wealth Management lifted its stake in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC grew its holdings in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the period. Wellington Shields Capital Management LLC purchased a new stake in Cummins in the fourth quarter worth $27,000. Finally, Key Financial Inc increased its position in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CMI. Citigroup upped their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. JPMorgan Chase & Co. boosted their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a report on Wednesday, May 6th. Finally, Barclays increased their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $740.07.

Insider Buying and Selling at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the business’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 value of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the transaction, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. The trade was a 6.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last quarter. Company insiders own 0.30% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $664.71 on Friday. The stock has a market cap of $91.72 billion, a price-to-earnings ratio of 34.49, a PEG ratio of 1.61 and a beta of 1.22. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The business has a 50-day simple moving average of $672.88 and a 200 day simple moving average of $618.96. Cummins Inc. has a 52 week low of $354.68 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $5.96 EPS. On average, research analysts forecast that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is 45.67%.

Cummins Profile

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.