Kestra Private Wealth Services LLC Sells 2,929 Shares of Cummins Inc. (NYSE:CMI)

Kestra Private Wealth Services LLC cut its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 51.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,782 shares of the company's stock after selling 2,929 shares during the period. Kestra Private Wealth Services LLC's holdings in Cummins were worth $872,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CMI. Foundry Partners LLC grew its holdings in Cummins by 16.4% during the 1st quarter. Foundry Partners LLC now owns 87,375 shares of the company's stock worth $27,387,000 after acquiring an additional 12,318 shares in the last quarter. Csenge Advisory Group grew its holdings in Cummins by 24.6% during the 1st quarter. Csenge Advisory Group now owns 4,139 shares of the company's stock worth $1,297,000 after acquiring an additional 818 shares in the last quarter. Mystic Asset Management Inc. grew its holdings in Cummins by 17.6% during the 1st quarter. Mystic Asset Management Inc. now owns 1,000 shares of the company's stock worth $313,000 after acquiring an additional 150 shares in the last quarter. Nwam LLC boosted its holdings in shares of Cummins by 4.0% in the 1st quarter. Nwam LLC now owns 2,236 shares of the company's stock valued at $701,000 after buying an additional 87 shares in the last quarter. Finally, Diversify Advisory Services LLC acquired a new position in shares of Cummins in the 1st quarter valued at $825,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMI. JPMorgan Chase & Co. upped their target price on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Evercore ISI reduced their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Citigroup reiterated a "buy" rating and issued a $360.00 price target (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Robert W. Baird upped their price target on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $361.92.

Insider Activity at Cummins

In related news, Director John H. Stone purchased 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.41% of the company's stock.

Cummins Stock Up 1.1%

NYSE:CMI traded up $4.01 on Friday, hitting $369.28. 697,921 shares of the company's stock traded hands, compared to its average volume of 893,558. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The firm has a 50-day moving average price of $330.38 and a 200-day moving average price of $331.09. The company has a market cap of $50.87 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 2.03 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.08 EPS. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.17%. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio is presently 36.22%.

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.