Principle Wealth Partners LLC Makes New Investment in Cummins Inc. $CMI

Principle Wealth Partners LLC purchased a new position in Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel reports. The fund purchased 15,260 shares of the company’s stock, valued at approximately $10,884,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its position in 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 acquiring an additional 2,434,876 shares in the last quarter. Norges Bank bought a new position in Cummins in the fourth quarter valued at $863,441,000. Bank of New York Mellon Corp purchased a new stake in Cummins during the second quarter valued at about $973,198,000. Boston Partners purchased a new stake in Cummins during the third quarter valued at about $473,471,000. Finally, SG Americas Securities LLC lifted its stake in Cummins by 257.9% during the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after purchasing an additional 530,812 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CMI shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday, August 3rd. Morgan Stanley boosted their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Raymond James Financial increased their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $745.64.

Cummins Trading Up 1.8%

Shares of CMI stock opened at $642.56 on Tuesday. The business has a 50-day moving average of $664.99 and a 200 day moving average of $628.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The stock has a market capitalization of $88.45 billion, a PE ratio of 32.83, a P/E/G ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same period last year, the firm earned $6.43 earnings per share. Cummins’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 40.88%.

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.