Veritable L.P. Has $866,000 Stock Position in Cummins Inc. (NYSE:CMI)

Veritable L.P. trimmed its stake in Cummins Inc. (NYSE:CMI) by 37.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,534 shares of the company’s stock after selling 2,086 shares during the quarter. Veritable L.P.’s holdings in Cummins were worth $866,000 at the end of the most recent reporting period.

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

Cummins Trading Down 0.1 %

Shares of NYSE:CMI opened at $223.42 on Friday. The business’s 50 day simple moving average is $225.65 and its 200 day simple moving average is $231.55. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $265.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.43 and a quick ratio of 0.90. The company has a market capitalization of $31.67 billion, a P/E ratio of 11.39, a P/E/G ratio of 1.17 and a beta of 1.07.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Friday, November 24th will be given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Wednesday, November 22nd. Cummins’s payout ratio is currently 34.25%.

Analyst Ratings Changes

A number of research firms recently weighed in on CMI. The Goldman Sachs Group boosted their target price on Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. StockNews.com initiated coverage on shares of Cummins in a research note on Thursday, October 5th. They set a “buy” rating for the company. JPMorgan Chase & Co. downgraded shares of Cummins from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $270.00 to $255.00 in a report on Monday, October 16th. Credit Suisse Group lowered their price target on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. Finally, Bank of America reduced their price objective on Cummins from $273.00 to $264.00 in a report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, four have issued 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 an average target price of $264.50.

Cummins Profile

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.