Corient Private Wealth LLC Sells 3,090 Shares of Cummins Inc. $CMI

Corient Private Wealth LLC lowered its position in Cummins Inc. (NYSE:CMI) by 1.0% in the 4th quarter, HoldingsChannel reports. The fund owned 320,177 shares of the company’s stock after selling 3,090 shares during the period. Corient Private Wealth LLC’s holdings in Cummins were worth $163,442,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in CMI. Vanguard Group Inc. boosted its position in Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after purchasing an additional 98,544 shares during the period. State Street Corp raised its position in shares of Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after purchasing an additional 49,628 shares during the period. Geode Capital Management LLC raised its position in shares of Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after purchasing an additional 35,286 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the sale, the vice president owned 9,447 shares in the company, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 in the last ninety days. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CMI. UBS Group reiterated a “buy” rating on shares of Cummins in a research note on Wednesday. Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Truist Financial set a $815.00 price objective on Cummins in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $731.86.

Cummins Price Performance

Shares of NYSE:CMI opened at $716.50 on Friday. The company has a 50 day moving average of $663.00 and a 200 day moving average of $590.68. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market cap of $98.87 billion, a P/E ratio of 37.18, a P/E/G ratio of 1.75 and a beta of 1.23. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the prior year, the company posted $5.96 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. Cummins’s dividend payout ratio is presently 41.52%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.