Cardinal Point Capital Management ULC Sells 1,412 Shares of Cummins Inc. $CMI

Cardinal Point Capital Management ULC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 58.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,000 shares of the company’s stock after selling 1,412 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Cummins were worth $538,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after acquiring an additional 98,544 shares in the last quarter. State Street Corp raised its position in Cummins by 0.8% in the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after purchasing an additional 49,628 shares during the period. Geode Capital Management LLC lifted its stake in Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC boosted its position in Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of 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 valued at $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 13,579 shares of company stock worth $9,377,684. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CMI shares. Wells Fargo & Company boosted their target price on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Barclays raised their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. UBS Group reissued a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins Trading Up 4.6%

NYSE:CMI opened at $727.12 on Friday. The company has a 50-day moving average price of $670.68 and a 200-day moving average price of $597.08. Cummins Inc. has a 12 month low of $319.37 and a 12 month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market cap of $100.33 billion, a price-to-earnings ratio of 37.73, a P/E/G ratio of 1.70 and a beta of 1.23.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the firm posted $5.96 EPS. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

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.