Cummins Inc. $CMI Stock Position Lowered by Corient Private Wealth LP

Corient Private Wealth LP decreased its position in Cummins Inc. (NYSE:CMI) by 3.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 288,832 shares of the company’s stock after selling 10,788 shares during the quarter. Corient Private Wealth LP’s holdings in Cummins were worth $205,998,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Valmark Advisers Inc. raised its position in Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after acquiring an additional 16 shares in the last quarter. Guardian Partners Inc. boosted its position in shares of Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after purchasing an additional 16 shares in the last quarter. Nicolet Advisory Services LLC boosted its position in shares of Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC grew its stake in shares of Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after purchasing an additional 17 shares during the last quarter. Finally, ICW Investment Advisors LLC grew its stake in shares of Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after purchasing an additional 18 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Performance

Shares of CMI opened at $549.54 on Friday. The company has a 50-day moving average of $621.91 and a two-hundred day moving average of $625.61. The stock has a market cap of $75.65 billion, a price-to-earnings ratio of 28.08, a PEG ratio of 1.50 and a beta of 1.23. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a one year low of $400.72 and a one year high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.43 EPS. On average, equities research analysts expect that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

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

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. CICC Research began coverage on shares of Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating for the company. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. UBS Group cut their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Raymond James Financial raised their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Finally, Morgan Stanley lifted their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $764.54.

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.