Kestra Private Wealth Services LLC Grows Position in Cummins Inc. (NYSE:CMI)

Kestra Private Wealth Services LLC boosted its stake in Cummins Inc. (NYSE:CMIGet Rating) by 8.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,778 shares of the company’s stock after buying an additional 310 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Cummins were worth $775,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Cyrus J. Lawrence LLC purchased a new stake in Cummins in the 1st quarter valued at $25,000. Tyler Stone Wealth Management bought a new position in Cummins in the 1st quarter valued at $25,000. Mystic Asset Management Inc. bought a new position in Cummins in the 4th quarter valued at $27,000. KRS Capital Management LLC bought a new position in Cummins in the 4th quarter valued at $30,000. Finally, Cornerstone Advisory LLC bought a new position in Cummins in the 4th quarter valued at $40,000. 80.98% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, insider Srikanth Padmanabhan sold 6,020 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total value of $1,336,500.20. Following the sale, the insider now owns 22,020 shares of the company’s stock, valued at approximately $4,888,660.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 3,115 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $225.11, for a total value of $701,217.65. Following the sale, the vice president now owns 16,348 shares of the company’s stock, valued at approximately $3,680,098.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Srikanth Padmanabhan sold 6,020 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $222.01, for a total value of $1,336,500.20. Following the completion of the sale, the insider now directly owns 22,020 shares in the company, valued at approximately $4,888,660.20. The disclosure for this sale can be found here. Insiders sold a total of 14,001 shares of company stock worth $3,157,774 in the last quarter. 1.00% of the stock is owned by company insiders.

Analyst Ratings Changes

CMI has been the subject of a number of recent analyst reports. Citigroup upped their price objective on Cummins from $220.00 to $265.00 and gave the company a “buy” rating in a research note on Tuesday, August 16th. Cowen reduced their price objective on Cummins from $281.00 to $267.00 in a research note on Thursday, July 7th. Deutsche Bank Aktiengesellschaft cut their price target on Cummins from $232.00 to $216.00 and set a “hold” rating for the company in a research note on Wednesday, July 13th. Cowen cut their price target on Cummins from $281.00 to $267.00 in a research note on Thursday, July 7th. Finally, Credit Suisse Group increased their price target on Cummins from $249.00 to $266.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 3rd. Five equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $241.22.

Cummins Stock Down 0.2 %

Shares of NYSE CMI opened at $211.19 on Friday. Cummins Inc. has a 52 week low of $184.27 and a 52 week high of $247.48. The business has a 50-day simple moving average of $215.47 and a two-hundred day simple moving average of $205.78. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.36. The company has a market cap of $29.78 billion, a P/E ratio of 14.79, a P/E/G ratio of 1.34 and a beta of 1.03.

Cummins (NYSE:CMIGet Rating) last issued its earnings results on Tuesday, August 2nd. The company reported $4.77 EPS for the quarter, topping the consensus estimate of $4.37 by $0.40. Cummins had a return on equity of 23.41% and a net margin of 8.26%. The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.48 billion. During the same quarter last year, the company earned $4.15 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 18.03 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 19th were paid a $1.57 dividend. The ex-dividend date was Thursday, August 18th. This represents a $6.28 annualized dividend and a yield of 2.97%. This is an increase from Cummins’s previous quarterly dividend of $1.45. Cummins’s dividend payout ratio (DPR) is currently 43.98%.

About Cummins

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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