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

Balboa Wealth Partners acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,040 shares of the company’s stock, valued at approximately $337,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins in the second quarter valued at $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the second quarter valued at $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins in the second quarter valued at $29,000. LRI Investments LLC acquired a new stake in shares of Cummins in the first quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins in the third quarter valued at $34,000. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CMI has been the subject of a number of research reports. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. lifted their price objective on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Finally, Citigroup lifted their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $334.33.

Cummins Price Performance

Cummins stock opened at $361.85 on Friday. The firm has a market capitalization of $49.64 billion, a P/E ratio of 23.90, a PEG ratio of 1.79 and a beta of 0.97. Cummins Inc. has a 1 year low of $220.02 and a 1 year high of $370.21. The business has a 50-day moving average of $327.55 and a 200-day moving average of $301.04. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the business posted $4.73 EPS. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post 20.61 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Activity

In other news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the transaction, the vice president now owns 20,803 shares in the company, valued at $7,456,419.29. The trade was a 8.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock worth $9,033,945 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

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.