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

Key Points

• Cornerstone Wealth Group LLC increased its stake in Cummins Inc. by 4.5%, now holding 35,012 shares worth approximately $11.47 million, making it the group's 25th largest holding.
• Cummins reported an EPS of $6.43 for the last quarter, significantly beating analysts' expectations of $5.21, despite a 1.7% decline in revenue year-over-year.
• Insider trades indicate a notable sell-off, with two executives selling shares totaling over $1.27 million in value, resulting in a considerable decrease in their ownership positions.

Cornerstone Wealth Group LLC lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 4.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,012 shares of the company's stock after purchasing an additional 1,523 shares during the quarter. Cummins accounts for about 0.9% of Cornerstone Wealth Group LLC's holdings, making the stock its 25th largest holding. Cornerstone Wealth Group LLC's holdings in Cummins were worth $11,466,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Orca Wealth Management LLC lifted its stake in shares of Cummins by 0.6% in the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company's stock valued at $1,509,000 after acquiring an additional 28 shares during the last quarter. V Square Quantitative Management LLC lifted its stake in shares of Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company's stock valued at $1,076,000 after acquiring an additional 31 shares during the last quarter. Bank of Jackson Hole Trust lifted its stake in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock valued at $887,000 after acquiring an additional 33 shares during the last quarter. Scotia Capital Inc. raised its position in Cummins by 0.5% during the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company's stock valued at $2,104,000 after purchasing an additional 34 shares during the last quarter. Finally, Van Hulzen Asset Management LLC lifted its holdings in Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company's stock worth $872,000 after buying an additional 34 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Down 0.9%

CMI opened at $409.17 on Tuesday. The stock has a market cap of $56.38 billion, a PE ratio of 19.24, a PEG ratio of 1.99 and a beta of 1.04. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average of $408.16 and a 200-day moving average of $350.37. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $5.26 EPS. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen H. Quintos sold 1,307 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% 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 Robert Enright sold 1,860 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares of the company's stock, valued at $384,158.30. This represents a 66.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,119 shares of company stock valued at $17,674,285. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CMI. Truist Financial increased their price objective on Cummins from $380.00 to $434.00 and gave the stock a "hold" rating in a report on Wednesday, October 8th. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Zacks Research upgraded Cummins from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 8th. Barclays increased their price objective on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Finally, Citigroup increased their price objective on Cummins from $425.00 to $485.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $397.43.

About Cummins

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.

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