Redwood Wealth Management Group LLC Buys Shares of 593 Cummins Inc. (NYSE:CMI)

Redwood Wealth Management Group LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 593 shares of the company’s stock, valued at approximately $164,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Beacon Financial Group grew its position in Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after purchasing an additional 126 shares in the last quarter. KBC Group NV increased its position in shares of Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after acquiring an additional 57,341 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Cummins during the second quarter worth about $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP increased its holdings in Cummins by 190.3% during the first quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after buying an additional 12,087 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Robert W. Baird boosted their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Evercore ISI boosted their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Truist Financial increased their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. lifted their target price on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $299.55.

Cummins Stock Up 1.6 %

CMI stock opened at $302.13 on Monday. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The business has a 50-day simple moving average of $294.86 and a 200 day simple moving average of $287.28. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The company has a market cap of $41.41 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $5.18 EPS. Sell-side analysts anticipate that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The sale was disclosed in a filing with the SEC, which is available through this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’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 sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The disclosure for this sale can be found here. 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.