Cummins Inc. (NYSE:CMI) Holdings Decreased by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 21.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,305 shares of the company’s stock after selling 907 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Cummins were worth $974,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in CMI. Alps Advisors Inc. increased its holdings in shares of Cummins by 4.2% in the 3rd quarter. Alps Advisors Inc. now owns 7,647 shares of the company’s stock valued at $1,747,000 after acquiring an additional 306 shares during the last quarter. Seven Eight Capital LP bought a new position in Cummins during the 3rd quarter worth $534,000. Scotia Capital Inc. grew its stake in Cummins by 112.0% during the 3rd quarter. Scotia Capital Inc. now owns 17,074 shares of the company’s stock worth $3,901,000 after buying an additional 9,020 shares during the last quarter. Royal London Asset Management Ltd. grew its stake in Cummins by 4.8% during the 3rd quarter. Royal London Asset Management Ltd. now owns 54,049 shares of the company’s stock worth $12,347,000 after buying an additional 2,460 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in Cummins by 2.3% during the 3rd quarter. Royal Bank of Canada now owns 829,439 shares of the company’s stock worth $189,494,000 after buying an additional 18,474 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Truist Financial lowered their price objective on Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research note on Tuesday. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Raymond James initiated coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Citigroup initiated coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target for the company. Finally, Robert W. Baird decreased their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $287.18.

Cummins Price Performance

Shares of Cummins stock traded up $4.53 during trading on Thursday, hitting $272.08. The stock had a trading volume of 504,655 shares, compared to its average volume of 1,010,093. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The firm has a market cap of $37.22 billion, a P/E ratio of 19.92, a PEG ratio of 1.66 and a beta of 0.99. The business has a fifty day moving average of $281.44 and a two-hundred day moving average of $269.48. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. On average, sell-side analysts expect that Cummins Inc. will post 18.86 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were issued a $1.68 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 annualized dividend and a dividend yield of 2.47%. Cummins’s dividend payout ratio (DPR) is 49.19%.

Insider Activity

In related news, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marvin Boakye bought 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The shares were bought at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

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.