Balboa Wealth Partners Makes New Investment in Cummins Inc. $CMI

Balboa Wealth Partners purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent filing with the SEC. The firm purchased 931 shares of the company’s stock, valued at approximately $305,000.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares in the last quarter. Northern Trust Corp lifted its position in Cummins by 1.2% in the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after acquiring an additional 22,202 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Cummins by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock valued at $512,343,000 after acquiring an additional 8,487 shares in the last quarter. Raymond James Financial Inc. lifted its position in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after buying an additional 817,384 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after buying an additional 126,362 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. Barclays raised their price target on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research note on Monday. Citigroup raised their price target on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Cummins Stock Up 0.6%

Shares of NYSE:CMI opened at $414.13 on Tuesday. The firm has a fifty day moving average price of $411.61 and a two-hundred day moving average price of $354.33. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The company has a market cap of $57.06 billion, a price-to-earnings ratio of 19.47, a PEG ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the firm earned $5.26 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

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.