Corient Private Wealth LLC Raises Holdings in Cummins Inc. $CMI

by · The Markets Daily

Corient Private Wealth LLC increased its position in Cummins Inc. (NYSE:CMI – Free Report) by 52.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 492,638 shares of the company’s stock after purchasing an additional 169,371 shares during the period. Corient Private Wealth LLC’s holdings in Cummins were worth $251,467,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after acquiring an additional 98,544 shares in the last quarter. State Street Corp lifted its position in Cummins by 0.8% during 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 last quarter. Geode Capital Management LLC lifted its position in Cummins by 1.0% during 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 last quarter. Fisher Asset Management LLC grew its stake in shares of Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after buying an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Truist Financial set a $815.00 price target on Cummins in a research report on Wednesday, May 6th. UBS Group reissued a “buy” rating on shares of Cummins in a research note on Wednesday. Citigroup upped their price objective on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company raised their price objective on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $731.86.

View Our Latest Stock Report on CMI

Insider Buying and Selling at Cummins

In other news, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction 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. This represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the sale, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by company insiders.

Cummins Price Performance

Cummins stock opened at $716.50 on Friday. The firm has a 50-day moving average price of $660.60 and a 200-day moving average price of $589.80. The firm has a market capitalization of $98.87 billion, a PE ratio of 37.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.23. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $737.76.

Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company earned $5.96 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, May 22nd. Cummins’s payout ratio is 41.52%.

About Cummins

(Free Report)

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.

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