Northwestern Mutual Wealth Management Co. Invests $18.25 Million in Cummins Inc. $CMI

Northwestern Mutual Wealth Management Co. purchased a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 25,590 shares of the company’s stock, valued at approximately $18,251,000.

Several other institutional investors also recently bought and sold shares of the business. Activest Wealth Management raised its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the period. Cedar Mountain Advisors LLC increased its holdings in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Cummins during the second quarter worth about $26,000. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins in the fourth quarter worth about $27,000. Finally, Key Financial Inc grew its stake in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on CMI. Raymond James Financial boosted their price target on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Morgan Stanley boosted their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings upgraded shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 17th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Finally, UBS Group dropped their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Stock Performance

Shares of CMI stock opened at $587.87 on Friday. The company has a market cap of $80.93 billion, a P/E ratio of 30.04, a PEG ratio of 1.40 and a beta of 1.24. The business has a 50 day moving average of $660.86 and a two-hundred day moving average of $628.31. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period last year, the business posted $6.43 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The company 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 represents a $8.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

Cummins Profile

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.