Chicago Partners Investment Group LLC Has $843,000 Position in Cummins Inc. $CMI

Key Points

• Chicago Partners Investment Group LLC increased its stake in Cummins Inc. by 47.2% in Q2, holding a total of 2,328 shares valued at $843,000.
• Institutional investors collectively own 83.46% of Cummins' stock, with major stakeholders like Raymond James Financial Inc. and Vanguard Group significantly increasing their positions in Q1.
• Cummins recently declared a $2.00 quarterly dividend, equating to an annualized payout of $8.00 per share, and has a current dividend yield of 1.9%.

Chicago Partners Investment Group LLC grew its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 47.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,328 shares of the company's stock after purchasing an additional 746 shares during the quarter. Chicago Partners Investment Group LLC's holdings in Cummins were worth $843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Raymond James Financial Inc. lifted its stake in Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after buying an additional 817,384 shares during the period. AQR Capital Management LLC grew its position in shares of Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock worth $314,942,000 after buying an additional 424,294 shares during the period. Nuveen LLC bought a new stake in shares of Cummins in the 1st quarter valued at $109,120,000. Vanguard Group Inc. increased its stake in shares of Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after acquiring an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Cummins by 74.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company's stock valued at $234,907,000 after acquiring an additional 319,277 shares during the period. Institutional investors own 83.46% of the company's stock.

Insider Activity

In other news, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at $13,873,972.60. The trade was a 20.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. Wolfe Research upgraded shares of Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Weiss Ratings reissued a "buy (b-)" rating on shares of Cummins in a research report on Tuesday, October 14th. Barclays raised their target price on Cummins from $387.00 to $430.00 and gave the company an "equal weight" rating in a research note on Monday. Citigroup upped their price target on Cummins from $425.00 to $485.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Finally, Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $410.50.

Cummins Price Performance

CMI stock opened at $418.33 on Wednesday. The company has a market capitalization of $57.64 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 2.00 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The business has a 50-day simple moving average of $412.01 and a two-hundred day simple moving average of $354.77. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the company earned $5.26 earnings per share. The company's revenue for the quarter was down 1.7% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins's dividend payout ratio (DPR) is presently 37.61%.

Cummins Company Profile

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.

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