NorthRock Partners LLC Makes New Investment in Cummins Inc. (NYSE:CMI)

NorthRock Partners LLC purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 784 shares of the company's stock, valued at approximately $273,000.

A number of other institutional investors also recently modified their holdings of the business. Global Trust Asset Management LLC lifted its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after acquiring an additional 28 shares in the last quarter. BankPlus Trust Department bought a new stake in shares of Cummins during the 4th quarter valued at $26,000. Compass Financial Services Inc purchased a new stake in Cummins during the 4th quarter worth about $27,000. Meeder Asset Management Inc. boosted its stake in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares during the period. Finally, TCTC Holdings LLC purchased a new position in Cummins during the 4th quarter valued at about $28,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Citigroup raised their price objective on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, May 12th. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Morgan Stanley lifted their price objective on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Evercore ISI lowered their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday. Finally, Robert W. Baird decreased their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $352.17.

Cummins Stock Down 2.5%

CMI traded down $8.28 on Wednesday, hitting $323.27. The company had a trading volume of 487,229 shares, compared to its average volume of 805,899. The stock has a fifty day simple moving average of $304.55 and a 200-day simple moving average of $341.51. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The firm has a market capitalization of $44.53 billion, a P/E ratio of 11.48, a P/E/G ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter last year, the business posted $5.08 EPS. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's dividend payout ratio is currently 36.22%.

Cummins 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.