Kingsview Wealth Management LLC Buys Shares of 4,895 Cummins Inc. $CMI

Key Points

• Kingsview Wealth Management initiated a Cummins stake of 4,895 shares valued at approximately $3.49 million. Institutional investors collectively own 83.46% of the company.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $745.64.
• Cummins missed quarterly EPS estimates, reporting $6.73 versus $7.21 expected, although revenue rose 9.4% year over year. The company also increased its quarterly dividend to $2.20, or $8.80 annually.

Kingsview Wealth Management LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,895 shares of the company's stock, valued at approximately $3,491,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Truist Financial Corp raised its holdings in shares of Cummins by 4.8% during the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company's stock valued at $32,671,000 after buying an additional 2,951 shares during the last quarter. Kepler Cheuvreux Suisse SA bought a new position in Cummins in the 4th quarter worth approximately $7,869,000. Westfield Capital Management Co. LP bought a new position in Cummins in the 4th quarter worth approximately $7,797,000. Nomura Asset Management Co. Ltd. increased its position in Cummins by 26.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 113,648 shares of the company's stock valued at $58,012,000 after acquiring an additional 24,080 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new stake in Cummins in the 1st quarter valued at approximately $3,766,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Citigroup increased their price target on Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Argus lifted their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a research note on Monday, June 1st. UBS Group reduced their price objective on shares of Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Weiss Ratings raised shares of Cummins from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, August 17th. Finally, Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $745.64.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Cummins Trading Down 1.6%

Shares of CMI stock opened at $564.61 on Friday. The stock has a 50-day simple moving average of $647.45 and a 200 day simple moving average of $627.90. The stock has a market capitalization of $77.72 billion, a P/E ratio of 28.85, a P/E/G ratio of 1.35 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $6.43 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.6%. This is a positive change from Cummins's previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins's dividend payout ratio (DPR) is presently 44.97%.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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