Cummins Inc. $CMI Stake Lessened by Stone Summit Wealth LLC

Stone Summit Wealth LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 15.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,683 shares of the company’s stock after selling 1,266 shares during the period. Stone Summit Wealth LLC’s holdings in Cummins were worth $3,452,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Signal Advisors Wealth LLC lifted its stake in shares of Cummins by 4,918.0% during the third quarter. Signal Advisors Wealth LLC now owns 42,051 shares of the company’s stock worth $21,722,000 after purchasing an additional 41,213 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Cummins by 311.7% in the third quarter. B. Riley Wealth Advisors Inc. now owns 7,238 shares of the company’s stock worth $3,739,000 after buying an additional 5,480 shares during the period. Krilogy Financial LLC grew its stake in shares of Cummins by 304.5% in the third quarter. Krilogy Financial LLC now owns 11,225 shares of the company’s stock valued at $5,798,000 after buying an additional 8,450 shares in the last quarter. Mechanics Bank Trust Department grew its stake in shares of Cummins by 297.6% in the third quarter. Mechanics Bank Trust Department now owns 1,841 shares of the company’s stock valued at $951,000 after buying an additional 1,378 shares in the last quarter. Finally, Salvus Wealth Management LLC raised its holdings in shares of Cummins by 1,301.2% during the 3rd quarter. Salvus Wealth Management LLC now owns 23,863 shares of the company’s stock valued at $12,327,000 after buying an additional 22,160 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the topic of several recent research reports. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Morgan Stanley increased their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Truist Financial dropped their price objective on shares of Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Bank of America dropped their price objective on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Finally, DA Davidson boosted their target price on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.

Insider Transactions at Cummins

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.30% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of NYSE CMI opened at $529.57 on Wednesday. Cummins Inc. has a fifty-two week low of $400.72 and a fifty-two week high of $737.76. The business has a 50 day moving average price of $562.88 and a two-hundred day moving average price of $620.45. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The firm has a market cap of $72.90 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.43 earnings per share. Sell-side analysts expect that Cummins Inc. will post 30.10 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s payout ratio is 44.97%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.