Chicago Partners Investment Group LLC Boosts Stock Position in Cummins Inc. $CMI

Chicago Partners Investment Group LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 26.9% during the 1st quarter, Holdings Channel reports. The firm owned 3,917 shares of the company’s stock after buying an additional 830 shares during the period. Chicago Partners Investment Group LLC’s holdings in Cummins were worth $2,107,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares during the period. Norges Bank purchased a new position in shares of Cummins during the fourth quarter valued at approximately $863,441,000. Boston Partners bought a new position in shares of Cummins during the third quarter valued at approximately $473,471,000. London Co. of Virginia bought a new position in shares of Cummins during the third quarter valued at approximately $231,732,000. Finally, SG Americas Securities LLC lifted its stake in Cummins by 257.9% in the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after acquiring an additional 530,812 shares during the period. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’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 owned 14,084 shares of the company’s stock, valued at $9,652,328.56. This trade represents a 14.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares of the company’s stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Citigroup lifted their price target on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Finally, Raymond James Financial boosted their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $739.43.

Cummins Price Performance

CMI opened at $675.02 on Wednesday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company has a market cap of $93.15 billion, a price-to-earnings ratio of 35.03, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. The stock has a fifty day simple moving average of $679.36 and a two-hundred day simple moving average of $612.10. Cummins Inc. has a 12-month low of $339.74 and a 12-month high of $737.76.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.96 EPS. Research analysts predict that Cummins Inc. will post 29.33 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is 41.52%.

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.