Northwest Quadrant Wealth Management LLC Has $536,000 Stake in Cummins Inc. (NYSE:CMI)

Northwest Quadrant Wealth Management LLC lessened its position in shares of Cummins Inc. (NYSE:CMI) by 8.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,655 shares of the company’s stock after selling 153 shares during the period. Northwest Quadrant Wealth Management LLC’s holdings in Cummins were worth $536,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Campbell & CO Investment Adviser LLC raised its position in Cummins by 80.8% in the 4th 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 during the last quarter. Rafferty Asset Management LLC grew its stake in shares of Cummins by 5.4% during the 4th quarter. Rafferty Asset Management LLC now owns 11,882 shares of the company’s stock worth $2,847,000 after acquiring an additional 611 shares in the last quarter. Belpointe Asset Management LLC raised its holdings in shares of Cummins by 19.8% in 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 lifted its position in shares of Cummins by 3.0% in 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 in the last quarter. Finally, Royal London Asset Management Ltd. boosted its holdings in Cummins by 3.6% during the fourth quarter. Royal London Asset Management Ltd. now owns 56,008 shares of the company’s stock worth $13,418,000 after purchasing an additional 1,959 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of several analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Robert W. Baird increased their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Truist Financial upped their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Raymond James assumed coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $299.55.

Cummins Stock Performance

CMI traded up $4.39 during trading on Friday, hitting $331.74. The stock had a trading volume of 691,513 shares, compared to its average volume of 1,615,336. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a 50 day moving average price of $304.44 and a 200-day moving average price of $291.87. Cummins Inc. has a one year low of $212.80 and a one year high of $333.43. The firm has a market cap of $45.38 billion, a price-to-earnings ratio of 24.29, a P/E/G ratio of 1.81 and a beta of 0.98.

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

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.19%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. Cummins’s payout ratio is presently 53.29%.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred 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 transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction 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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

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.