Cornerstone Wealth Group LLC Sells 1,413 Shares of Cummins Inc. (NYSE:CMI)

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

Several other hedge funds and other institutional investors have also bought and sold shares of CMI. Brighton Jones LLC lifted its stake in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the period. Handelsbanken Fonder AB increased its position in shares of Cummins by 6.6% during the 4th quarter. Handelsbanken Fonder AB now owns 4,067 shares of the company’s stock valued at $1,418,000 after purchasing an additional 252 shares during the last quarter. Sigma Planning Corp increased its position in shares of Cummins by 10.0% during the 4th quarter. Sigma Planning Corp now owns 2,019 shares of the company’s stock valued at $704,000 after purchasing an additional 184 shares during the last quarter. Wealthspire Advisors LLC increased its position in shares of Cummins by 6.1% during the 4th quarter. Wealthspire Advisors LLC now owns 1,887 shares of the company’s stock valued at $658,000 after purchasing an additional 108 shares during the last quarter. Finally, Howard Capital Management Inc. increased its position in shares of Cummins by 5.4% during the 4th quarter. Howard Capital Management Inc. now owns 885 shares of the company’s stock valued at $309,000 after purchasing an additional 45 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.7%

Shares of CMI opened at $316.54 on Tuesday. The company has a market cap of $43.61 billion, a PE ratio of 15.75, a P/E/G ratio of 1.89 and a beta of 1.04. The business has a fifty day moving average of $311.69 and a 200 day moving average of $333.86. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. 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 (NYSE:CMI) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins’s revenue was down 2.7% on a year-over-year basis. During the same period last year, the company earned $5.08 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CMI shares. Citigroup upped their price target on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, May 12th. JPMorgan Chase & Co. increased their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Robert W. Baird reduced their target price on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and reduced their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Finally, Truist Financial reduced their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $357.25.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.41% of the stock is owned by insiders.

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.