Cornerstone Wealth Management LLC Lowers Position in Cummins Inc. (NYSE:CMI)

Cornerstone Wealth Management LLC trimmed its stake in Cummins Inc. (NYSE:CMI) by 1.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,306 shares of the company’s stock after selling 46 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Cummins were worth $1,152,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Global Trust Asset Management LLC grew its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the period. Prospera Private Wealth LLC purchased a new stake in Cummins during the third quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in Cummins during the third quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new stake in Cummins during the third quarter worth approximately $55,000. Finally, Friedenthal Financial purchased a new stake in Cummins during the fourth quarter worth approximately $55,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Truist Financial boosted their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Finally, Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $374.25.

Cummins Trading Down 0.4 %

CMI opened at $367.45 on Friday. The stock has a market capitalization of $50.41 billion, a PE ratio of 24.27, a P/E/G ratio of 1.69 and a beta of 1.01. Cummins Inc. has a 12-month low of $236.00 and a 12-month high of $387.90. The firm’s fifty day moving average price is $363.83 and its 200 day moving average price is $330.09. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $4.73 earnings per share. As a group, research analysts expect that Cummins Inc. will post 21.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

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.