Stone Point Wealth LLC Sells 37 Shares of Cummins Inc. (NYSE:CMI)

Stone Point Wealth LLC reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,673 shares of the company’s stock after selling 37 shares during the quarter. Stone Point Wealth LLC’s holdings in Cummins were worth $3,132,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after acquiring an additional 604,735 shares during the period. Pathway Financial Advisers LLC boosted its stake in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after acquiring an additional 26,977 shares during the period. Legal & General Group Plc boosted its stake in shares of Cummins by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after acquiring an additional 31,190 shares during the period. Finally, Marshfield Associates boosted its stake in shares of Cummins by 0.3% during the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after acquiring an additional 3,076 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CMI shares. Evercore ISI lifted their price target on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday. Truist Financial lifted their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday. Finally, Citigroup lifted their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $324.83.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Cummins Trading Down 0.4 %

NYSE CMI opened at $354.72 on Friday. The business’s 50-day moving average price is $321.21 and its two-hundred day moving average price is $298.27. Cummins Inc. has a 12 month low of $214.57 and a 12 month high of $370.21. The firm has a market capitalization of $48.61 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the company posted $4.73 EPS. The business’s revenue was up .3% on a year-over-year basis. On average, analysts expect that Cummins Inc. will post 19.96 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is 52.49%.

Cummins Company Profile

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.