Corient Private Wealth LLC Has $163.44 Million Stake in Cummins Inc. $CMI

Corient Private Wealth LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 1.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 320,177 shares of the company’s stock after selling 3,090 shares during the period. Corient Private Wealth LLC owned about 0.23% of Cummins worth $163,442,000 as of its most recent filing with the SEC.

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CMI shares. Truist Financial set a $815.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research report on Wednesday. Finally, Citigroup lifted their target price on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $731.86.

Cummins Trading Down 0.1%

Shares of Cummins stock opened at $716.50 on Friday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $737.76. The firm has a market cap of $98.87 billion, a PE ratio of 37.18, a P/E/G ratio of 1.75 and a beta of 1.23. The stock has a fifty day moving average price of $663.00 and a 200-day moving average price of $590.68. 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 (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The company 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 for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business posted $5.96 EPS. Equities research analysts anticipate that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.1%. Cummins’s payout ratio is currently 41.52%.

Insiders Place Their Bets

In other news, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. This trade represents a 6.04% 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 Cummins stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 13,579 shares of company stock valued at $9,377,684. Company insiders own 0.30% of the company’s stock.

Cummins Profile

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.