Cummins Inc. $CMI Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP reduced its Cummins stake by 3.6% in the second quarter, selling 10,788 shares and retaining 288,832 shares valued at approximately $206 million. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but EPS of $6.73 missed the $7.21 consensus. Shares opened at $549.54, well below their 52-week high of $737.76.
• The company increased its quarterly dividend from $2.00 to $2.20 per share, resulting in an annualized payout of $8.80 and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $764.54.

Corient Private Wealth LP reduced its stake in Cummins Inc. (NYSE:CMI - Free Report) by 3.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 288,832 shares of the company's stock after selling 10,788 shares during the period. Corient Private Wealth LP owned 0.21% of Cummins worth $205,998,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Cedar Mountain Advisors LLC lifted its holdings in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in Cummins during the 2nd quarter worth $26,000. Wellington Shields Capital Management LLC bought a new position in Cummins during the 4th quarter worth $27,000. Key Financial Inc increased its position in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after buying an additional 20 shares during the period. Finally, Birchwood Financial Partners Inc. acquired a new stake in Cummins in the fourth quarter worth $28,000. 83.46% of the stock is owned by institutional investors.

Cummins Trading Down 0.9%

Shares of CMI stock opened at $549.54 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 1 year low of $400.72 and a 1 year high of $737.76. The stock has a fifty day moving average of $621.91 and a two-hundred day moving average of $625.61. The firm has a market capitalization of $75.65 billion, a PE ratio of 28.08, a price-to-earnings-growth ratio of 1.50 and a beta of 1.23.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the previous year, the company posted $6.43 EPS. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts expect that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio is 44.97%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMI. Truist Financial set a $894.00 price target on shares of Cummins in a report on Wednesday, August 5th. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Argus lifted their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a research report on Monday, June 1st. Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a research note on Tuesday, May 26th. Finally, Morgan Stanley upped their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $764.54.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the firm's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company's stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.30% of the company's stock.

Cummins Company Profile

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins' products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.

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