Wedbush Securities Inc. Increases Stock Holdings in Cummins Inc. (NYSE:CMI)

Wedbush Securities Inc. lifted its position in Cummins Inc. (NYSE:CMI) by 8.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,037 shares of the company’s stock after buying an additional 231 shares during the quarter. Wedbush Securities Inc.’s holdings in Cummins were worth $520,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Gradient Investments LLC lifted its holdings in shares of Cummins by 102.8% in the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after buying an additional 74 shares in the last quarter. Guidant Wealth Advisors bought a new position in shares of Cummins in the first quarter worth approximately $29,000. SeaBridge Investment Advisors LLC bought a new position in shares of Cummins in the first quarter worth approximately $32,000. Meridian Wealth Management LLC bought a new position in shares of Cummins in the first quarter worth approximately $32,000. Finally, Sonora Investment Management LLC bought a new position in shares of Cummins in the second quarter worth approximately $32,000. 81.51% of the stock is currently owned by hedge funds and other institutional investors.

NYSE CMI traded up $3.08 on Friday, reaching $149.11. 18,650 shares of the company’s stock traded hands, compared to its average volume of 1,365,219. Cummins Inc. has a 12 month low of $124.40 and a 12 month high of $175.91. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 1.04. The stock has a 50-day simple moving average of $165.23 and a 200 day simple moving average of $161.07. The stock has a market cap of $23.40 billion, a PE ratio of 11.30, a P/E/G ratio of 1.19 and a beta of 1.14.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The business had revenue of $6.22 billion for the quarter, compared to the consensus estimate of $6.36 billion. During the same quarter in the previous year, the business earned $4.14 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 15.84 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st will be given a dividend of $1.311 per share. This is a boost from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Tuesday, August 20th. Cummins’s dividend payout ratio (DPR) is presently 34.47%.

Several research analysts recently weighed in on the stock. ValuEngine cut shares of Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Stifel Nicolaus upped their price objective on shares of Cummins from $176.00 to $183.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Credit Suisse Group upped their price objective on shares of Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Friday, May 3rd. Finally, Wells Fargo & Co decreased their price objective on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a research report on Monday, June 3rd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. Cummins presently has a consensus rating of “Hold” and an average target price of $166.67.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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