MWA Asset Management Grows Holdings in Cummins Inc. (NYSE:CMI)

MWA Asset Management grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,676 shares of the company’s stock after acquiring an additional 72 shares during the period. MWA Asset Management’s holdings in Cummins were worth $1,190,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Cultivar Capital Inc. acquired a new position in Cummins in the second quarter worth $28,000. Prospera Private Wealth LLC bought a new position in Cummins during the third quarter valued at about $32,000. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins in the 2nd quarter worth approximately $28,000. Lynx Investment Advisory bought a new position in shares of Cummins in the second quarter valued at $29,000. Finally, LRI Investments LLC acquired a new position in shares of Cummins in the 1st quarter worth $31,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of several recent analyst reports. Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Truist Financial increased their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. boosted their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $334.33.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction 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. The trade was a 23.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,576 shares of company stock valued at $9,033,945. Company insiders own 0.56% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $361.73 on Wednesday. The company’s 50-day moving average price is $331.59 and its two-hundred day moving average price is $302.93. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market cap of $49.62 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.73 EPS. On average, equities analysts anticipate that Cummins Inc. will post 20.57 EPS for the current fiscal year.

Cummins Announces Dividend

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

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.