Cornerstone Advisors LLC Purchases 3,400 Shares of Cummins Inc. (NYSE:CMI)

Cornerstone Advisors LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 117.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,300 shares of the company’s stock after buying an additional 3,400 shares during the period. Cornerstone Advisors LLC’s holdings in Cummins were worth $2,040,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of CMI. Clearbridge Investments LLC acquired a new stake in shares of Cummins during the first quarter valued at about $236,000. Shell Asset Management Co. purchased a new stake in shares of Cummins in the first quarter valued at about $406,000. CreativeOne Wealth LLC bought a new position in shares of Cummins in the first quarter valued at approximately $318,000. Advisors Asset Management Inc. boosted its holdings in shares of Cummins by 60.4% in the 1st quarter. Advisors Asset Management Inc. now owns 16,120 shares of the company’s stock worth $4,750,000 after buying an additional 6,071 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Cummins by 51.9% in the first quarter. Canada Pension Plan Investment Board now owns 100,547 shares of the company’s stock valued at $29,626,000 after acquiring an additional 34,347 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 4,326 shares of company stock valued at $1,559,125 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Cummins Trading Up 2.3 %

CMI stock opened at $369.13 on Friday. The stock has a market capitalization of $50.64 billion, a price-to-earnings ratio of 24.38, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The firm’s fifty day simple moving average is $334.37 and its two-hundred day simple moving average is $303.79. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.64. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm earned $4.73 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research reports. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group increased their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Citigroup increased their price objective on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus price target of $337.67.

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.