Cornerstone Wealth Group LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI – Free Report) by 28.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 24,741 shares of the company’s stock after selling 9,928 shares during the quarter. Cummins makes up 0.8% of Cornerstone Wealth Group LLC’s holdings, making the stock its 26th biggest position. Cornerstone Wealth Group LLC’s holdings in Cummins were worth $13,311,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. Pictet Asset Management Holding SA increased its position in Cummins by 11.9% during the first quarter. Pictet Asset Management Holding SA now owns 112,055 shares of the company’s stock valued at $60,253,000 after acquiring an additional 11,958 shares during the last quarter. Cambient Family Office LLC lifted its holdings in shares of Cummins by 4.4% in the 1st quarter. Cambient Family Office LLC now owns 2,182 shares of the company’s stock worth $1,174,000 after acquiring an additional 91 shares during the last quarter. River Street Advisors LLC boosted its stake in shares of Cummins by 1.2% during the 1st quarter. River Street Advisors LLC now owns 7,010 shares of the company’s stock worth $3,771,000 after purchasing an additional 81 shares during the period. Laurel Oak Wealth Management LLC boosted its stake in shares of Cummins by 3.8% during the 1st quarter. Laurel Oak Wealth Management LLC now owns 568 shares of the company’s stock worth $306,000 after purchasing an additional 21 shares during the period. Finally, Columbus Macro LLC grew its holdings in Cummins by 3.9% during the 1st quarter. Columbus Macro LLC now owns 19,965 shares of the company’s stock valued at $10,742,000 after purchasing an additional 747 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.
Cummins Trading Down 5.7%
Shares of CMI opened at $686.26 on Friday. The firm has a market capitalization of $94.70 billion, a price-to-earnings ratio of 35.61, a PEG ratio of 1.68 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1-year low of $322.45 and a 1-year high of $737.76. The company has a 50-day moving average of $672.37 and a 200 day moving average of $597.71.
Cummins Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is presently 41.52%.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Evercore restated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Citigroup increased their price target on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $731.86.
View Our Latest Report on Cummins
Insider Buying and Selling
In other Cummins news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock valued at $9,377,684 over the last 90 days. 0.30% of the stock is owned by insiders.
About Cummins
Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.
The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
Featured Stories
- Five stocks we like better than Cummins
- 3 Stocks That Could Benefit as the Robotaxi Race Heats Up
- 3 Waste Stocks Turning AI Investments into Growth
- 3 Overlooked Tech ETFs That Are Quietly Killing It This Year
- 3 ETFs Pairing Market-Beating Returns With High Dividend Yields
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI – Free Report).
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.
