Ledge Wealth Management Inc. Decreases Stock Position in Cummins Inc. (NYSE:CMI)

Ledge Wealth Management Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 5.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,013 shares of the company’s stock after selling 452 shares during the quarter. Cummins accounts for approximately 0.9% of Ledge Wealth Management Inc.’s holdings, making the stock its 29th biggest holding. Ledge Wealth Management Inc.’s holdings in Cummins were worth $1,964,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Synovus Financial Corp boosted its stake in shares of Cummins by 254.4% during the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock valued at $1,242,000 after buying an additional 4,378 shares during the last quarter. Cibc World Market Inc. boosted its stake in Cummins by 65.4% during the 1st quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock valued at $3,732,000 after acquiring an additional 7,191 shares during the last quarter. Sei Investments Co. increased its position in shares of Cummins by 16.1% in the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock worth $19,282,000 after purchasing an additional 13,058 shares during the last quarter. Prudential PLC acquired a new stake in shares of Cummins in the 1st quarter valued at about $711,000. Finally, Cetera Investment Advisers lifted its position in shares of Cummins by 43.0% during the first quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock worth $1,313,000 after purchasing an additional 1,925 shares during the last quarter. 81.81% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE:CMI traded up $0.18 during trading on Monday, reaching $235.55. The company had a trading volume of 51,193 shares, compared to its average volume of 962,026. Cummins Inc. has a twelve month low of $200.40 and a twelve month high of $265.28. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.85 and a current ratio of 1.40. The firm has a market capitalization of $33.36 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.15 and a beta of 1.07. The firm’s fifty day moving average is $243.08 and its 200 day moving average is $234.73.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $5.18 EPS for the quarter, missing analysts’ consensus estimates of $5.19 by ($0.01). Cummins had a return on equity of 25.46% and a net margin of 7.89%. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.39 billion. During the same period in the prior year, the firm posted $4.77 EPS. The firm’s quarterly revenue was up 30.6% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 19.91 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Friday, August 25th were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.85%. This is an increase from Cummins’s previous quarterly dividend of $1.57. The ex-dividend date of this dividend was Thursday, August 24th. Cummins’s dividend payout ratio is presently 37.65%.

Analyst Ratings Changes

A number of research firms have commented on CMI. StockNews.com initiated coverage on Cummins in a report on Thursday, August 17th. They set a “buy” rating on the stock. 888 restated a “maintains” rating on shares of Cummins in a research report on Wednesday, May 31st. The Goldman Sachs Group lifted their target price on Cummins from $241.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 4th. Citigroup boosted their price target on shares of Cummins from $265.00 to $290.00 and gave the company a “buy” rating in a report on Tuesday, July 18th. Finally, Credit Suisse Group cut their price target on Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus target price of $266.17.

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.