Cummins Inc. (NYSE:CMI) Shares Sold by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC cut its stake in Cummins Inc. (NYSE:CMI) by 4.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,489 shares of the company’s stock after selling 1,413 shares during the quarter. Cummins makes up approximately 0.9% of Cornerstone Wealth Group LLC’s investment portfolio, making the stock its 28th largest position. Cornerstone Wealth Group LLC’s holdings in Cummins were worth $10,497,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CMI. BankPlus Trust Department acquired a new position in Cummins in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. increased its position in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 52 shares in the last quarter. TCTC Holdings LLC purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $30,000. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other news, Director John H. Stone bought 1,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares of the company’s stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on CMI. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Robert W. Baird dropped their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Evercore ISI dropped their price target on Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Finally, Citigroup boosted their price target on Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $357.25.

Cummins Stock Performance

Shares of Cummins stock opened at $316.54 on Tuesday. The firm has a market cap of $43.61 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 1.89 and a beta of 1.04. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The business’s fifty day simple moving average is $311.69 and its 200-day simple moving average is $333.86.

Cummins (NYSE:CMI) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $5.08 EPS. Equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s payout ratio is 36.22%.

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.