Global Wealth Management Investment Advisory Inc. Purchases New Stake in Cummins Inc. (NYSE:CMI)

Global Wealth Management Investment Advisory Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 580 shares of the company’s stock, valued at approximately $202,000.

Other large investors have also added to or reduced their stakes in the company. Global Trust Asset Management LLC grew its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares in the last quarter. Compass Financial Services Inc acquired a new position in Cummins in the 4th quarter valued at $27,000. Prospera Private Wealth LLC acquired a new position in Cummins in the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins in the 3rd quarter valued at $34,000. Finally, Friedenthal Financial acquired a new position in Cummins in the 4th quarter valued at $55,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $373.98 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $250.90 and a twelve month high of $387.90. The company has a market cap of $51.30 billion, a P/E ratio of 13.28, a P/E/G ratio of 2.10 and a beta of 1.00. The business has a fifty day simple moving average of $361.82 and a 200 day simple moving average of $336.52.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the company earned $4.14 EPS. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on CMI. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. Truist Financial increased their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $383.08.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 4,327 shares of company stock worth $1,582,821. 0.56% of the stock is currently owned by insiders.

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.