Northern Trust Corp Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Northern Trust Corp grew its holdings in Cummins Inc. (NYSE:CMI) by 15.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,883,012 shares of the company’s stock after purchasing an additional 246,807 shares during the quarter. Northern Trust Corp owned about 1.37% of Cummins worth $656,418,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CMI. Advisory Resource Group raised its position in shares of Cummins by 1.0% during the 3rd quarter. Advisory Resource Group now owns 15,328 shares of the company’s stock valued at $4,963,000 after buying an additional 155 shares during the period. SkyView Investment Advisors LLC grew its stake in shares of Cummins by 3.9% during the third quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company’s stock worth $1,727,000 after purchasing an additional 202 shares in the last quarter. Stock Yards Bank & Trust Co. grew its stake in shares of Cummins by 1.8% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company’s stock worth $1,648,000 after purchasing an additional 88 shares in the last quarter. Pine Valley Investments Ltd Liability Co acquired a new position in shares of Cummins during the third quarter worth $209,000. Finally, Wilmington Savings Fund Society FSB grew its stake in shares of Cummins by 18.9% during the third quarter. Wilmington Savings Fund Society FSB now owns 4,990 shares of the company’s stock worth $1,616,000 after purchasing an additional 794 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CMI. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Evercore ISI boosted their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Morgan Stanley decreased their target price on Cummins from $425.00 to $340.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $346.00.

Cummins Stock Performance

Cummins stock opened at $294.24 on Tuesday. The firm has a market capitalization of $40.53 billion, a P/E ratio of 10.45, a PEG ratio of 2.19 and a beta of 1.07. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a fifty day moving average price of $316.28 and a 200 day moving average price of $343.60. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business posted $4.14 EPS. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.47%. Cummins’s dividend payout ratio is currently 25.84%.

About Cummins

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.