Cummins Inc. (NYSE:CMI) Shares Sold by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC lowered its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 33,489 shares of the company's stock after selling 1,413 shares during the quarter. Cummins makes up 0.9% of Cornerstone Wealth Group LLC's portfolio, making the stock its 28th biggest position. Cornerstone Wealth Group LLC's holdings in Cummins were worth $10,497,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. BankPlus Trust Department bought a new position in Cummins in the fourth quarter worth about $26,000. Meeder Asset Management Inc. boosted its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares in the last quarter. TCTC Holdings LLC purchased a new position in shares of Cummins in the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. bought a new position in shares of Cummins during the 4th quarter worth approximately $30,000. Finally, Capital A Wealth Management LLC purchased a new stake in Cummins during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CMI shares. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and raised their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Robert W. Baird cut their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and dropped their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Truist Financial cut their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Finally, Evercore ISI dropped their price objective on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $358.08.

Insider Activity

In other news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares of the company's stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.41% of the company's stock.

Cummins Price Performance

Shares of CMI stock traded up $7.65 during trading hours on Tuesday, hitting $323.99. 622,442 shares of the company's stock were exchanged, compared to its average volume of 776,264. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The firm has a market cap of $44.63 billion, a P/E ratio of 16.12, a P/E/G ratio of 1.89 and a beta of 1.04. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The firm has a 50 day moving average of $311.69 and a two-hundred day moving average of $333.86.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same period in the prior year, the business posted $5.08 earnings per share. The firm's revenue for the quarter was down 2.7% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's payout ratio is 36.22%.

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.