Red Door Wealth Management LLC Takes Position in Cummins Inc. (NYSE:CMI)

Red Door Wealth Management LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 849 shares of the company’s stock, valued at approximately $250,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. First United Bank & Trust purchased a new position in shares of Cummins during the fourth quarter worth $25,000. Private Wealth Management Group LLC acquired a new position in Cummins during the 4th quarter worth about $26,000. Silver Oak Securities Incorporated purchased a new position in Cummins during the 3rd quarter valued at about $28,000. DiNuzzo Private Wealth Inc. acquired a new position in Cummins in the 4th quarter valued at about $31,000. Finally, Quarry LP increased its stake in Cummins by 258.5% during the fourth quarter. Quarry LP now owns 147 shares of the company’s stock worth $35,000 after purchasing an additional 106 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE:CMI opened at $276.93 on Monday. Cummins Inc. has a one year low of $212.80 and a one year high of $304.24. The stock has a market capitalization of $37.88 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 1.73 and a beta of 1.02. The company has a 50-day simple moving average of $282.30 and a 200-day simple moving average of $269.13. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. On average, analysts predict that Cummins Inc. will post 18.84 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were given a $1.68 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 dividend on an annualized basis and a yield of 2.43%. Cummins’s dividend payout ratio (DPR) is 49.19%.

Insider Buying and Selling at Cummins

In other news, VP Marvin Boakye bought 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The stock was bought at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the purchase, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cummins news, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were purchased at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Robert W. Baird dropped their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Truist Financial reiterated a “hold” rating and issued a $319.00 price objective on shares of Cummins in a research note on Wednesday, May 15th. JPMorgan Chase & Co. boosted their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Finally, TD Cowen increased their price target on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $287.55.

Cummins Company 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.