Northpointe Capital LLC Invests $2.81 Million in Cummins Inc. (NYSE:CMI)

Northpointe Capital LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 16,376 shares of the company’s stock, valued at approximately $2,806,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gradient Investments LLC raised its holdings in Cummins by 102.8% in the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after acquiring an additional 74 shares in the last quarter. Unison Advisors LLC lifted its stake in Cummins by 0.7% during the first quarter. Unison Advisors LLC now owns 10,645 shares of the company’s stock valued at $1,681,000 after buying an additional 75 shares in the last quarter. Whitener Capital Management Inc. increased its holdings in shares of Cummins by 2.8% in the 1st quarter. Whitener Capital Management Inc. now owns 2,800 shares of the company’s stock valued at $442,000 after purchasing an additional 75 shares during the period. Wetherby Asset Management Inc. increased its holdings in shares of Cummins by 1.6% in the 1st quarter. Wetherby Asset Management Inc. now owns 4,653 shares of the company’s stock valued at $734,000 after purchasing an additional 75 shares during the period. Finally, Trust Co. of Vermont increased its holdings in shares of Cummins by 3.1% in the 1st quarter. Trust Co. of Vermont now owns 2,918 shares of the company’s stock valued at $461,000 after purchasing an additional 88 shares during the period. 81.03% of the stock is currently owned by institutional investors and hedge funds.

NYSE:CMI opened at $154.40 on Wednesday. The stock has a 50 day moving average price of $168.80. Cummins Inc. has a 52 week low of $124.40 and a 52 week high of $175.91. The firm has a market capitalization of $25.04 billion, a P/E ratio of 11.67, a P/E/G ratio of 1.25 and a beta of 1.14. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.18.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). Cummins had a return on equity of 29.75% and a net margin of 10.74%. The firm had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.36 billion. During the same quarter in the prior year, the company posted $4.14 EPS. The company’s quarterly revenue was up 1.5% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post 15.84 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st will be issued a dividend of $1.311 per share. This represents a $5.24 annualized dividend and a yield of 3.40%. The ex-dividend date is Tuesday, August 20th. This is an increase from Cummins’s previous quarterly dividend of $1.14. Cummins’s dividend payout ratio (DPR) is 34.47%.

CMI has been the topic of a number of research reports. UBS Group upped their target price on Cummins from $130.00 to $135.00 and gave the company a “sell” rating in a report on Wednesday, May 1st. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Friday, May 3rd. Stifel Nicolaus upped their target price on Cummins from $176.00 to $183.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Loop Capital downgraded Cummins from a “hold” rating to a “sell” rating and dropped their target price for the company from $168.00 to $145.00 in a report on Tuesday, July 2nd. Finally, Buckingham Research upped their target price on Cummins from $160.00 to $172.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $166.67.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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