Cummins Inc. $CMI Stock Sold by Stone Summit Wealth LLC

Stone Summit Wealth LLC trimmed its stake in Cummins Inc. (NYSE:CMI) by 15.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,683 shares of the company’s stock after selling 1,266 shares during the period. Stone Summit Wealth LLC’s holdings in Cummins were worth $3,452,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CMI. Signal Advisors Wealth LLC boosted its holdings in Cummins by 4,918.0% in the 3rd quarter. Signal Advisors Wealth LLC now owns 42,051 shares of the company’s stock valued at $21,722,000 after purchasing an additional 41,213 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of Cummins by 311.7% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 7,238 shares of the company’s stock worth $3,739,000 after buying an additional 5,480 shares in the last quarter. Krilogy Financial LLC lifted its holdings in shares of Cummins by 304.5% in the 3rd quarter. Krilogy Financial LLC now owns 11,225 shares of the company’s stock valued at $5,798,000 after buying an additional 8,450 shares during the period. Mechanics Bank Trust Department lifted its holdings in shares of Cummins by 297.6% in the 3rd quarter. Mechanics Bank Trust Department now owns 1,841 shares of the company’s stock valued at $951,000 after buying an additional 1,378 shares during the period. Finally, Salvus Wealth Management LLC lifted its holdings in shares of Cummins by 1,301.2% in the 3rd quarter. Salvus Wealth Management LLC now owns 23,863 shares of the company’s stock valued at $12,327,000 after buying an additional 22,160 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on CMI. CICC Research initiated coverage on Cummins in a research report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price objective for the company. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Evercore reduced their price target on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a report on Tuesday, August 11th. Truist Financial reduced their price target on shares of Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Finally, Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $708.18.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Cummins Trading Up 0.3%

Shares of CMI opened at $529.57 on Wednesday. The stock has a fifty day moving average of $562.88 and a two-hundred day moving average of $620.45. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The company has a market capitalization of $72.90 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $400.72 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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). The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $6.43 EPS. As a group, analysts forecast that Cummins Inc. will post 30.10 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.