Northwestern Mutual Wealth Management Co. Sells 977 Shares of Cummins Inc. $CMI

Northwestern Mutual Wealth Management Co. cut its stake in shares of Cummins Inc. (NYSE:CMI) by 3.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,388 shares of the company’s stock after selling 977 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Cummins were worth $8,970,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Motley Fool Asset Management LLC raised its stake in Cummins by 9.7% during the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after buying an additional 623 shares during the last quarter. Applied Finance Capital Management LLC grew its holdings in Cummins by 14.4% during the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after acquiring an additional 7,656 shares during the period. Fox Run Management L.L.C. bought a new position in shares of Cummins in the 1st quarter worth about $2,749,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Cummins by 6.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after purchasing an additional 17,566 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after purchasing an additional 126,362 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 0.3%

Cummins stock opened at $496.55 on Tuesday. The firm has a market capitalization of $68.54 billion, a price-to-earnings ratio of 23.34, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. The firm’s fifty day moving average price is $443.69 and its two-hundred day moving average price is $389.21. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $501.47. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the prior year, the business posted $5.86 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. On average, equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. Cummins’s dividend payout ratio is 41.52%.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 36,410 shares of company stock valued at $16,424,574 over the last 90 days. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on CMI. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Barclays boosted their target price on shares of Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 11th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $476.75.

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.