Hennion & Walsh Asset Management Inc. Has $366,000 Holdings in Cummins Inc. (NYSE:CMI)

Hennion & Walsh Asset Management Inc. lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,168 shares of the company’s stock after selling 156 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Cummins were worth $366,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. AEGON ASSET MANAGEMENT UK Plc raised its holdings in Cummins by 7.3% in the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 227,162 shares of the company’s stock valued at $71,218,000 after acquiring an additional 15,370 shares in the last quarter. Capital Asset Advisory Services LLC lifted its holdings in Cummins by 36.1% during the first quarter. Capital Asset Advisory Services LLC now owns 867 shares of the company’s stock worth $277,000 after acquiring an additional 230 shares in the last quarter. Swisher Financial Concepts Inc. bought a new position in Cummins during the first quarter worth about $226,000. Merit Financial Group LLC raised its stake in shares of Cummins by 44.3% in the 1st quarter. Merit Financial Group LLC now owns 18,520 shares of the company’s stock valued at $5,805,000 after purchasing an additional 5,685 shares during the period. Finally, Eldred Rock Partners LLC raised its stake in shares of Cummins by 10.4% in the 1st quarter. Eldred Rock Partners LLC now owns 36,480 shares of the company’s stock valued at $11,442,000 after purchasing an additional 3,425 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.41% of the stock is currently owned by corporate insiders.

Cummins Trading Up 1.1%

CMI stock opened at $326.74 on Monday. The company has a market capitalization of $45.01 billion, a PE ratio of 11.60, a P/E/G ratio of 2.19 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The firm’s 50-day moving average is $304.31 and its 200 day moving average is $338.16. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same period last year, the business earned $5.08 EPS. Cummins’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. Cummins’s payout ratio is 36.22%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CMI shares. Robert W. Baird lowered their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and cut their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Morgan Stanley increased their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $357.25.

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.