Midwest Professional Planners LTD. Purchases 1,060 Shares of Cummins Inc. $CMI

Midwest Professional Planners LTD. boosted its position in Cummins Inc. (NYSE:CMI) by 9.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 12,527 shares of the company’s stock after acquiring an additional 1,060 shares during the period. Cummins accounts for 1.5% of Midwest Professional Planners LTD.’s holdings, making the stock its 11th largest holding. Midwest Professional Planners LTD.’s holdings in Cummins were worth $6,395,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its stake in Cummins by 10,317.7% during 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. Boston Partners bought a new stake in Cummins during the third quarter worth about $473,471,000. London Co. of Virginia bought a new stake in Cummins during the third quarter worth about $231,732,000. Bank of New York Mellon Corp boosted its stake in Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Finally, Nordea Investment Management AB boosted its stake in Cummins by 103.8% during the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after acquiring an additional 278,350 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 2.8%

Shares of Cummins stock opened at $658.67 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock has a market capitalization of $90.89 billion, a PE ratio of 34.18, a price-to-earnings-growth ratio of 1.71 and a beta of 1.27. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The company has a 50-day simple moving average of $606.31 and a two-hundred day simple moving average of $558.95.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the company earned $5.96 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 28.39 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

Insider Activity

In other news, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,397 shares of company stock valued at $14,465,833 over the last three months. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CMI. Citigroup boosted their price objective on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Evercore reissued an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Morgan Stanley boosted their price objective on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. UBS Group set a $565.00 target price on shares of Cummins and gave the stock a “neutral” rating in a report on Friday, February 6th. Finally, Argus set a $696.00 target price on shares of Cummins in a report on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $677.87.

Cummins Profile

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.