Envestnet Asset Management Inc. Cuts Stake in Cummins Inc. $CMI

Envestnet Asset Management Inc. cut its holdings in Cummins Inc. (NYSE:CMI) by 7.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 747,211 shares of the company’s stock after selling 61,012 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Cummins were worth $315,600,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stock Yards Bank & Trust Co. lifted its position in shares of Cummins by 0.4% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after purchasing an additional 24 shares during the period. Whittier Trust Co. increased its holdings in Cummins by 0.9% during the third quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock valued at $1,154,000 after buying an additional 24 shares during the period. Howard Capital Management Inc. raised its stake in Cummins by 2.9% in the third quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock worth $365,000 after buying an additional 24 shares in the last quarter. BNP Paribas lifted its holdings in Cummins by 1.8% during the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after buying an additional 25 shares during the period. Finally, Bridges Investment Management Inc. lifted its holdings in Cummins by 3.2% during the third quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock worth $357,000 after buying an additional 26 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $604.61 on Thursday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a market cap of $83.46 billion, a PE ratio of 31.38, a P/E/G ratio of 2.12 and a beta of 1.13. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The business has a 50-day simple moving average of $538.55 and a two-hundred day simple moving average of $459.09.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.86 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research report on Monday, January 26th. JPMorgan Chase & Co. raised their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price for the company in a report on Monday, December 22nd. Truist Financial increased their price target on shares of Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Finally, Citigroup raised their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $522.07.

Insider Activity at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is currently owned by insiders.

Cummins Company 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.