Wedge Capital Management L L P NC Has $14.02 Million Position in Cummins Inc. $CMI

Wedge Capital Management L L P NC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 8.4% during the second quarter, Holdings Channel reports. The fund owned 19,656 shares of the company’s stock after selling 1,802 shares during the period. Wedge Capital Management L L P NC’s holdings in Cummins were worth $14,019,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Activest Wealth Management grew its stake in shares of Cummins by 537.5% during 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 raised its position in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in Cummins during the 4th quarter worth $27,000. Key Financial Inc boosted its position in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the last quarter. Finally, Birchwood Financial Partners Inc. bought a new position in Cummins in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.8%

NYSE:CMI opened at $638.07 on Thursday. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The business’s 50-day moving average price is $666.90 and its two-hundred day moving average price is $626.70. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $87.84 billion, a price-to-earnings ratio of 32.60, a PEG ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.43 earnings per share. On average, equities analysts expect that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. 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 1.4%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio is presently 40.88%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Wells Fargo & Company lifted their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Monday, August 3rd. Evercore reaffirmed an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Finally, Argus lifted their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $745.64.

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.