Balboa Wealth Partners Buys Shares of 1,040 Cummins Inc. (NYSE:CMI)

Balboa Wealth Partners bought a new stake in Cummins Inc. (NYSE:CMI) during the 3rd quarter, Holdings Channel.com reports. The firm bought 1,040 shares of the company’s stock, valued at approximately $337,000.

Several other institutional investors have also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins during the 2nd quarter worth approximately $29,000. LRI Investments LLC acquired a new position in shares of Cummins during the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins during the 3rd quarter worth approximately $34,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $361.85 on Friday. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm’s 50-day simple moving average is $327.55 and its 200 day simple moving average is $301.04. The firm has a market cap of $49.64 billion, a price-to-earnings ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the firm earned $4.73 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 20.61 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. Cummins’s payout ratio is 48.08%.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the topic of several recent analyst reports. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Truist Financial boosted their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Robert W. Baird boosted their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Citigroup raised their price target on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average target price of $334.33.

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.