Hennion & Walsh Asset Management Inc. Has $2.08 Million Stock Position in Cummins Inc. (NYSE:CMI)

Hennion & Walsh Asset Management Inc. reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 3.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 7,517 shares of the company’s stock after selling 298 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Cummins were worth $2,082,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in CMI. Norges Bank acquired a new stake in shares of Cummins during the fourth quarter worth approximately $298,867,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Cummins by 1,012.0% during the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Cummins by 129.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock valued at $71,153,000 after acquiring an additional 167,485 shares during the last quarter. Finally, Swedbank AB acquired a new stake in Cummins in the first quarter valued at approximately $44,489,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 0.5 %

NYSE CMI traded down $1.50 on Monday, reaching $300.15. The company had a trading volume of 175,163 shares, compared to its average volume of 1,812,800. The firm has a market cap of $41.05 billion, a price-to-earnings ratio of 21.97, a P/E/G ratio of 1.93 and a beta of 0.99. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The business has a 50 day moving average of $283.32 and a two-hundred day moving average of $280.93. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $5.18 earnings per share. Analysts forecast that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.43%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Citigroup began coverage on shares of Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $299.55.

Insider Activity at Cummins

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The shares were acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.56% of the stock is currently owned by company insiders.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.