Northwest Quadrant Wealth Management LLC Reduces Stock Position in Cummins Inc. (NYSE:CMI)

Northwest Quadrant Wealth Management LLC reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 8.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,655 shares of the company’s stock after selling 153 shares during the quarter. Northwest Quadrant Wealth Management LLC’s holdings in Cummins were worth $536,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CMI. Campbell & CO Investment Adviser LLC raised its stake in Cummins by 80.8% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 2,318 shares of the company’s stock valued at $555,000 after buying an additional 1,036 shares in the last quarter. Rafferty Asset Management LLC lifted its stake in Cummins by 5.4% during the fourth quarter. Rafferty Asset Management LLC now owns 11,882 shares of the company’s stock worth $2,847,000 after purchasing an additional 611 shares during the last quarter. Belpointe Asset Management LLC increased its stake in Cummins by 19.8% during the fourth quarter. Belpointe Asset Management LLC now owns 1,416 shares of the company’s stock valued at $339,000 after purchasing an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Cummins by 3.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 39,973 shares of the company’s stock worth $9,576,000 after purchasing an additional 1,169 shares during the period. Finally, Royal London Asset Management Ltd. lifted its position in shares of Cummins by 3.6% in the 4th quarter. Royal London Asset Management Ltd. now owns 56,008 shares of the company’s stock worth $13,418,000 after buying an additional 1,959 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Truist Financial boosted their price objective on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Raymond James started coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Citigroup began coverage on shares of Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $299.55.

Cummins Stock Up 1.3 %

CMI stock traded up $4.39 during trading hours on Friday, hitting $331.74. The company’s stock had a trading volume of 691,513 shares, compared to its average volume of 1,615,336. The company has a market capitalization of $45.38 billion, a PE ratio of 24.29, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The stock has a 50 day moving average price of $304.44 and a two-hundred day moving average price of $291.87. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $333.43.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm posted $5.18 earnings per share. On average, equities research analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

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 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.