Envestnet Asset Management Inc. Cuts Stock Holdings in Cummins Inc. $CMI

Envestnet Asset Management Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 7.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 747,211 shares of the company’s stock after selling 61,012 shares during the period. Envestnet Asset Management Inc. owned approximately 0.54% of Cummins worth $315,600,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Ashton Thomas Private Wealth LLC grew its position in shares of Cummins by 55.6% during the third quarter. Ashton Thomas Private Wealth LLC now owns 1,298 shares of the company’s stock valued at $548,000 after purchasing an additional 464 shares in the last quarter. Premier Path Wealth Partners LLC raised its holdings in shares of Cummins by 2.2% during the 3rd quarter. Premier Path Wealth Partners LLC now owns 1,505 shares of the company’s stock worth $636,000 after acquiring an additional 32 shares in the last quarter. Strengthening Families & Communities LLC boosted its position in shares of Cummins by 2,719.7% during the 3rd quarter. Strengthening Families & Communities LLC now owns 8,882 shares of the company’s stock valued at $3,717,000 after acquiring an additional 8,567 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in shares of Cummins by 100.0% in the third quarter. Cornerstone Planning Group LLC now owns 102 shares of the company’s stock valued at $45,000 after purchasing an additional 51 shares in the last quarter. Finally, Nichols & Pratt Advisers LLP MA purchased a new position in shares of Cummins in the third quarter valued at $205,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the business’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 value of $709,514.00. Following the completion of the sale, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. The trade was a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Up 0.3%

Shares of NYSE CMI opened at $604.61 on Thursday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The firm has a 50-day simple moving average of $538.55 and a two-hundred day simple moving average of $459.09. The company has a market cap of $83.46 billion, a P/E ratio of 31.38, a PEG ratio of 2.12 and a beta of 1.13. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same period in the prior year, the business posted $5.86 earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on CMI. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Citigroup increased 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. Barclays boosted their price objective on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 price objective on shares of Cummins in a research note on Friday, November 7th. Finally, UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $522.07.

About Cummins

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.