Chicago Partners Investment Group LLC Raises Stock Holdings in Cummins Inc. $CMI

Chicago Partners Investment Group LLC increased its stake in Cummins Inc. (NYSE:CMI) by 26.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,917 shares of the company’s stock after purchasing an additional 830 shares during the period. Chicago Partners Investment Group LLC’s holdings in Cummins were worth $2,107,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Cedar Mountain Advisors LLC raised its position in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares in the last quarter. Thompson Investment Management Inc. purchased a new position in Cummins in the fourth quarter worth $26,000. Activest Wealth Management grew its position in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC bought a new position in Cummins in the fourth quarter valued at $27,000. Finally, Key Financial Inc increased its stake in 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 acquiring an additional 20 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on CMI. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company upped their target price on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $739.43.

Cummins Stock Performance

Cummins stock opened at $675.02 on Wednesday. The firm has a fifty day simple moving average of $679.36 and a two-hundred day simple moving average of $612.10. 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 Inc. has a twelve month low of $339.74 and a twelve month high of $737.76. The company has a market capitalization of $93.15 billion, a PE ratio of 35.03, a P/E/G ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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 firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the firm earned $5.96 earnings per share. Research analysts expect that Cummins Inc. will post 29.33 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.3%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the transaction, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at $9,652,328.56. The trade was a 14.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the 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 sale, the insider directly owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,579 shares of company stock worth $9,377,684 over the last quarter. Company insiders own 0.30% of the company’s stock.

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.