Northwestern Mutual Wealth Management Co. lifted its stake in Cummins Inc. (NYSE:CMI – Free Report) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,950 shares of the company’s stock after purchasing an additional 1,351 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Cummins were worth $12,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently modified their holdings of the company. Thompson Investment Management Inc. purchased a new position in shares of Cummins in the 4th quarter worth about $26,000. Activest Wealth Management raised its position in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins in the 4th quarter worth about $27,000. Ares Financial Consulting LLC purchased a new position in shares of Cummins in the 4th quarter worth about $29,000. Finally, Osterweis Capital Management Inc. bought a new stake in Cummins in the 2nd quarter worth about $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on CMI shares. Morgan Stanley lifted their price objective on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Barclays lifted their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Raymond James Financial lifted their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Finally, Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $705.79.
Cummins Trading Down 0.4%
Cummins stock opened at $644.17 on Tuesday. The business has a 50-day simple moving average of $625.81 and a two-hundred day simple moving average of $571.66. The company has a market cap of $88.89 billion, a P/E ratio of 33.43, a P/E/G ratio of 1.57 and a beta of 1.27. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $5.96 EPS. Analysts predict that Cummins Inc. will post 29.4 EPS for the current year.
Cummins Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is 41.52%.
Insider Activity at Cummins
In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer directly owned 14,084 shares in the company, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 in the last quarter. 0.30% of the stock is currently owned by insiders.
About Cummins
Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.
The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
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