Wealthfront Advisers LLC Makes New $12.35 Million Investment in Cummins Inc. $CMI

Wealthfront Advisers LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 17,320 shares of the company’s stock, valued at approximately $12,353,000.

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

Analyst Ratings Changes

Several research analysts have recently weighed in on CMI shares. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Morgan Stanley lifted their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. UBS Group cut their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Raymond James Financial upped their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Finally, Argus increased their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Down 3.2%

Shares of CMI opened at $620.43 on Wednesday. The stock has a 50 day moving average price of $664.02 and a 200 day moving average price of $628.32. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock has a market capitalization of $85.41 billion, a price-to-earnings ratio of 31.70, a PEG ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter in the previous year, the business posted $6.43 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is currently 40.88%.

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.