Cornerstone Wealth Group LLC Has $11.26 Million Stake in Cummins Inc. (NYSE:CMI)

Cornerstone Wealth Group LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 0.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 34,785 shares of the company’s stock after purchasing an additional 187 shares during the period. Cummins accounts for approximately 0.9% of Cornerstone Wealth Group LLC’s portfolio, making the stock its 23rd largest holding. Cornerstone Wealth Group LLC’s holdings in Cummins were worth $11,263,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Pinnacle Associates Ltd. grew its stake in Cummins by 1.6% during the third quarter. Pinnacle Associates Ltd. now owns 36,524 shares of the company’s stock worth $11,826,000 after buying an additional 576 shares in the last quarter. First Trust Direct Indexing L.P. boosted its stake in shares of Cummins by 12.1% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,711 shares of the company’s stock valued at $1,849,000 after purchasing an additional 618 shares in the last quarter. GSB Wealth Management LLC boosted its stake in shares of Cummins by 0.6% in the 3rd quarter. GSB Wealth Management LLC now owns 9,349 shares of the company’s stock valued at $3,027,000 after purchasing an additional 59 shares in the last quarter. Pathway Financial Advisers LLC boosted its stake in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. Finally, WD Rutherford LLC boosted its stake in shares of Cummins by 65.1% in the 3rd quarter. WD Rutherford LLC now owns 9,765 shares of the company’s stock valued at $3,162,000 after purchasing an additional 3,851 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CMI. Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Barclays lifted their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, Citigroup lifted their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $311.55.

Cummins Stock Up 0.2 %

Cummins stock opened at $331.85 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $340.82. The firm has a 50 day moving average price of $318.09 and a two-hundred day moving average price of $296.64. The firm has a market cap of $45.39 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $5.18 EPS. Equities analysts predict that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. Cummins’s dividend payout ratio is currently 53.29%.

Insider Activity

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

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.