Western Wealth Management LLC Sells 2,350 Shares of Cummins Inc. (NYSE:CMI)

Western Wealth Management LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 76.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 739 shares of the company's stock after selling 2,350 shares during the period. Western Wealth Management LLC's holdings in Cummins were worth $232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. raised its position in shares of Cummins by 23.6% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 436,624 shares of the company's stock valued at $136,855,000 after purchasing an additional 83,283 shares during the last quarter. Perigon Wealth Management LLC raised its position in Cummins by 0.6% during the 1st quarter. Perigon Wealth Management LLC now owns 6,588 shares of the company's stock worth $2,065,000 after buying an additional 42 shares during the last quarter. Alpine Bank Wealth Management purchased a new position in Cummins during the 1st quarter worth approximately $157,000. Golden State Wealth Management LLC raised its position in Cummins by 117.5% during the 1st quarter. Golden State Wealth Management LLC now owns 2,214 shares of the company's stock worth $694,000 after buying an additional 1,196 shares during the last quarter. Finally, Daymark Wealth Partners LLC raised its position in Cummins by 11.4% during the 1st quarter. Daymark Wealth Partners LLC now owns 7,681 shares of the company's stock worth $2,407,000 after buying an additional 787 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone bought 1,000 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CMI. Robert W. Baird cut their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Evercore ISI dropped their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Truist Financial dropped their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and lowered their target price for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cummins presently has an average rating of "Hold" and an average target price of $358.08.

Cummins Stock Performance

Cummins stock opened at $326.06 on Monday. The stock's 50 day moving average price is $314.95 and its 200 day moving average price is $332.40. The firm has a market capitalization of $44.92 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 1.96 and a beta of 1.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business's revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $5.08 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's payout ratio is 36.22%.

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.

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