Redwood Wealth Management Group LLC Takes Position in Cummins Inc. (NYSE:CMI)

Redwood Wealth Management Group LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, Holdings Channel.com reports. The fund purchased 591 shares of the company’s stock, valued at approximately $206,000.

Several other hedge funds have also modified their holdings of CMI. Global Trust Asset Management LLC lifted its holdings in Cummins by 59.6% in the fourth 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 during the period. Prospera Private Wealth LLC acquired a new position in Cummins in the third quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new position in Cummins in the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC acquired a new position in Cummins in the third quarter valued at approximately $55,000. Finally, Friedenthal Financial acquired a new position in Cummins in the fourth quarter valued at approximately $55,000. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. Vertical Research lowered shares of 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. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Citigroup cut their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $374.25.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were 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 owns 20,803 shares of the company’s stock, 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 is accessible through this hyperlink. Over the last 90 days, insiders sold 6,490 shares of company stock valued at $2,357,880. Corporate insiders own 0.56% of the company’s stock.

Cummins Trading Up 4.5 %

Shares of NYSE:CMI opened at $363.97 on Wednesday. Cummins Inc. has a 12 month low of $236.00 and a 12 month high of $387.90. 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 company’s fifty day simple moving average is $362.21 and its 200 day simple moving average is $334.21. The firm has a market cap of $49.93 billion, a price-to-earnings ratio of 24.04, a PEG ratio of 1.64 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the business posted $4.14 earnings per share. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 20.62 EPS for the current fiscal year.

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.