Leeward Financial Partners LLC Invests $3.52 Million in Cummins Inc. $CMI

Leeward Financial Partners LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,540 shares of the company’s stock, valued at approximately $3,519,000.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after acquiring an additional 98,544 shares during the last quarter. State Street Corp raised its stake in shares of Cummins by 0.8% during the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after acquiring an additional 49,628 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares during the period. Fisher Asset Management LLC grew its stake in shares of Cummins by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Cummins by 10,317.7% in 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 purchasing an additional 2,434,876 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Citigroup raised their target price on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. UBS Group reissued a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $731.86.

Insider Activity at Cummins

In related news, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 over the last quarter. 0.30% of the stock is owned by company insiders.

Cummins Price Performance

Shares of NYSE CMI opened at $694.12 on Thursday. The company has a market capitalization of $95.78 billion, a PE ratio of 36.02, a P/E/G ratio of 1.71 and a beta of 1.23. 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 $317.74 and a twelve month high of $737.76. The firm has a fifty day simple moving average of $668.44 and a 200 day simple moving average of $595.56.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the firm posted $5.96 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Dividend Announcement

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

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.