Cornerstone Wealth Group LLC Lowers Stock Position in Cummins Inc. $CMI

Cornerstone Wealth Group LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 28.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,741 shares of the company’s stock after selling 9,928 shares during the quarter. Cummins makes up approximately 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.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. bought a new position in shares of Cummins in the fourth quarter worth approximately $26,000. Activest Wealth Management raised its position in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins during the 4th quarter valued at $27,000. Birchwood Financial Partners Inc. purchased a new position in shares of Cummins during the 4th quarter valued at $28,000. Finally, Kemnay Advisory Services Inc. bought a new position in Cummins in the 4th quarter worth $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Down 5.7%

CMI opened at $686.26 on Friday. The company has a market capitalization of $94.70 billion, a PE ratio of 35.61, a price-to-earnings-growth ratio of 1.68 and a beta of 1.23. The firm has a 50-day simple moving average of $672.37 and a two-hundred day simple moving average of $597.71. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 52 week low of $322.45 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.96 earnings per share. Analysts forecast that Cummins Inc. will post 29.31 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 4th. Shareholders of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s payout ratio is presently 41.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CMI. Truist Financial set a $815.00 price target on Cummins in a research note on Wednesday, May 6th. UBS Group restated a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Raymond James Financial increased their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $731.86.

Insider Buying and Selling at Cummins

In related news, EVP Bonnie J. Fetch sold 652 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the sale, the executive vice president owned 11,679 shares of the company’s stock, valued at $8,177,519.01. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the transaction, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This trade represents a 6.04% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 13,579 shares of company stock worth $9,377,684. Company insiders own 0.30% of the company’s stock.

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.