Balboa Wealth Partners Sells 160 Shares of Cummins Inc. (NYSE:CMI)

Balboa Wealth Partners decreased its position in shares of Cummins Inc. (NYSE:CMI) by 15.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 880 shares of the company’s stock after selling 160 shares during the period. Balboa Wealth Partners’ holdings in Cummins were worth $307,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CMI. Global Trust Asset Management LLC raised its holdings in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. KG&L Capital Management LLC increased its holdings in Cummins by 0.8% during the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after purchasing an additional 28 shares in the last quarter. Massachusetts Wealth Management raised its stake in shares of Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after purchasing an additional 30 shares during the last quarter. Avestar Capital LLC lifted its holdings in shares of Cummins by 3.2% in the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after purchasing an additional 31 shares in the last quarter. Finally, Mayflower Financial Advisors LLC lifted its holdings in shares of Cummins by 2.0% in the fourth quarter. Mayflower Financial Advisors LLC now owns 1,631 shares of the company’s stock valued at $568,000 after purchasing an additional 32 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $312.65 on Friday. The company has a market capitalization of $42.98 billion, a P/E ratio of 11.10, a P/E/G ratio of 2.19 and a beta of 1.01. The business has a fifty day simple moving average of $360.03 and a two-hundred day simple moving average of $346.51. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90.

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. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $4.14 EPS. On average, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Citigroup lowered their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Evercore ISI increased their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Barclays upped their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Finally, StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $386.67.

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.