Kingswood Wealth Advisors LLC Purchases 3,452 Shares of Cummins Inc. (NYSE:CMI)

Kingswood Wealth Advisors LLC increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 126.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,192 shares of the company's stock after buying an additional 3,452 shares during the period. Kingswood Wealth Advisors LLC's holdings in Cummins were worth $1,951,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CMI. Norges Bank bought a new stake in shares of Cummins during the 4th quarter valued at $499,490,000. GAMMA Investing LLC boosted its stake in Cummins by 38,220.5% in the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after purchasing an additional 1,188,276 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Cummins during the fourth quarter valued at about $187,082,000. Vanguard Group Inc. increased its position in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after buying an additional 250,650 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after acquiring an additional 246,807 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 0.3%

Cummins stock traded up $0.99 on Friday, hitting $315.98. 202,115 shares of the stock traded hands, compared to its average volume of 789,314. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The firm has a market cap of $43.53 billion, a P/E ratio of 15.71, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The business's fifty day simple moving average is $310.55 and its 200 day simple moving average is $335.34.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. Cummins's quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.08 earnings per share. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.30%. Cummins's dividend payout ratio is currently 36.22%.

Analysts Set New Price Targets

CMI has been the topic of several recent analyst reports. Citigroup increased their target price on shares of Cummins from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $357.25.

Insider Buying and Selling

In related news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by company insiders.

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.