1,127 Shares in Cummins Inc. $CMI Purchased by Cynosure Group LLC

Cynosure Group LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,127 shares of the company’s stock, valued at approximately $575,000.

A number of other institutional investors have also added to or reduced their stakes in CMI. Northwestern Mutual Wealth Management Co. grew its position in Cummins by 10,317.7% during the fourth 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 in the last quarter. Norges Bank acquired a new stake in Cummins during the fourth quarter worth about $863,441,000. Boston Partners acquired a new stake in Cummins during the third quarter worth about $473,471,000. London Co. of Virginia acquired a new stake in Cummins during the third quarter worth about $231,732,000. Finally, First Trust Advisors LP grew its position in Cummins by 245.1% during the fourth quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock worth $277,071,000 after buying an additional 385,525 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 3.0%

Shares of CMI opened at $679.66 on Tuesday. The company has a market capitalization of $93.79 billion, a P/E ratio of 35.27, a PEG ratio of 1.61 and a beta of 1.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a one year low of $307.90 and a one year high of $718.08. The business’s 50 day simple moving average is $651.02 and its 200-day simple moving average is $585.26.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for 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%.Cummins’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.96 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 29.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

Insiders Place Their Bets

In other news, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at $5,784,589.20. The trade was a 29.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 13,579 shares of company stock worth $9,377,684 over the last ninety days. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Argus lifted their target price on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Robert W. Baird set a $700.00 price objective on Cummins in a report on Wednesday, May 6th. Wells Fargo & Company lifted their price objective on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. 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, eleven have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $726.14.

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.