Northwestern Mutual Wealth Management Co. Has $7.81 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Northwestern Mutual Wealth Management Co. reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 3.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,206 shares of the company’s stock after selling 1,145 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Cummins were worth $7,812,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CMI. Atlantic Edge Private Wealth Management LLC increased its holdings in Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after buying an additional 35 shares during the period. Fidelis Capital Partners LLC increased its stake in Cummins by 3.4% in the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock valued at $340,000 after acquiring an additional 38 shares during the last quarter. Greenleaf Trust raised its position in Cummins by 0.5% during the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after purchasing an additional 40 shares in the last quarter. Bangor Savings Bank lifted its stake in Cummins by 39.2% during the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares during the last quarter. Finally, Aptus Capital Advisors LLC boosted its holdings in shares of Cummins by 2.6% in the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock valued at $453,000 after purchasing an additional 41 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Cummins Stock Performance

NYSE:CMI opened at $325.01 on Thursday. The stock has a market cap of $44.45 billion, a P/E ratio of 23.79, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock’s 50-day moving average is $302.73 and its 200-day moving average is $291.30. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $333.43.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $5.18 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were paid a $1.82 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s payout ratio is currently 53.29%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CMI. Robert W. Baird boosted their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. lifted their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Citigroup initiated coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Truist Financial lifted their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Finally, Raymond James initiated coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $299.55.

About Cummins

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.