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

RWA Wealth Partners LLC acquired a new position in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,411 shares of the company’s stock, valued at approximately $578,000.

Several other institutional investors have also added to or reduced their stakes in the stock. OFI Invest Asset Management acquired a new stake in shares of Cummins during the third quarter worth $25,000. Silver Oak Securities Incorporated acquired a new position in Cummins in the third quarter valued at approximately $28,000. Global Wealth Strategies & Associates bought a new position in shares of Cummins during the 3rd quarter worth approximately $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $39,000. Finally, Peoples Bank KS bought a new stake in shares of Cummins in the 3rd quarter valued at $43,000. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock worth $13,576,838 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on CMI shares. Truist Financial started coverage on shares of Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target for the company. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $243.00 to $225.00 in a report on Friday, January 19th. Morgan Stanley assumed coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Finally, UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $279.70.

Cummins Stock Down 0.3 %

CMI opened at $291.40 on Friday. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The firm has a market capitalization of $39.85 billion, a P/E ratio of 56.25, a PEG ratio of 1.99 and a beta of 1.04. The company’s 50-day moving average is $282.84 and its 200 day moving average is $250.18. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. Cummins’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business earned $4.52 EPS. Research analysts expect that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.31%. Cummins’s dividend payout ratio is currently 129.73%.

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.