Kingsview Wealth Management LLC Grows Stake in Cummins Inc. (NYSE:CMI)

Kingsview Wealth Management LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 4.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 14,102 shares of the company’s stock after buying an additional 545 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Cummins were worth $4,566,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Shell Asset Management Co. purchased a new position in shares of Cummins in the 1st quarter valued at approximately $406,000. CreativeOne Wealth LLC purchased a new position in shares of Cummins in the 1st quarter valued at approximately $318,000. Canada Pension Plan Investment Board lifted its stake in shares of Cummins by 51.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 100,547 shares of the company’s stock valued at $29,626,000 after purchasing an additional 34,347 shares during the period. LRI Investments LLC purchased a new position in shares of Cummins in the 1st quarter valued at approximately $35,000. Finally, Ascent Group LLC purchased a new position in shares of Cummins in the 1st quarter valued at approximately $353,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CMI. The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Citigroup raised their price objective on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday. Truist Financial raised their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $337.67.

Cummins Stock Up 1.5 %

Cummins stock opened at $372.62 on Friday. The firm has a market cap of $51.12 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 1.79 and a beta of 0.97. The stock has a fifty day simple moving average of $335.78 and a two-hundred day simple moving average of $304.53. Cummins Inc. has a 12 month low of $222.04 and a 12 month high of $373.35. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the company posted $4.73 earnings per share. Cummins’s revenue was up .3% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last 90 days. 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.