Sendero Wealth Management LLC Acquires New Stake in Cummins Inc. (NYSE:CMI)

by · The Cerbat Gem

Sendero Wealth Management LLC bought a new position in shares of Cummins Inc. (NYSE:CMI – Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 746 shares of the company’s stock, valued at approximately $234,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its position in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares during the last quarter. Boston Trust Walden Corp lifted its position in shares of Cummins by 4.8% in the fourth quarter. Boston Trust Walden Corp now owns 5,260 shares of the company’s stock worth $1,834,000 after purchasing an additional 240 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in Cummins during the fourth quarter worth $206,000. Sargent Investment Group LLC bought a new position in Cummins in the fourth quarter valued at $299,000. Finally, Yousif Capital Management LLC increased its stake in Cummins by 2.7% in the 4th quarter. Yousif Capital Management LLC now owns 20,535 shares of the company’s stock valued at $7,159,000 after buying an additional 548 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Down 0.4%

Shares of NYSE:CMI opened at $323.06 on Thursday. The firm has a market cap of $44.50 billion, a P/E ratio of 11.47, a P/E/G ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The business has a fifty day simple moving average of $303.88 and a 200 day simple moving average of $339.06. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the company earned $5.08 earnings per share. The firm’s revenue was down 2.7% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CMI shares. Robert W. Baird decreased their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Citigroup boosted their price target on Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Truist Financial cut their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and decreased their target price for the company 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, eight have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $357.25.

Get Our Latest Analysis on Cummins

Cummins Profile

(Free Report)

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.

See Also

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