Kestra Advisory Services LLC Buys 1,884 Shares of Cummins Inc. $CMI

Kestra Advisory Services LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 3.2% during the 1st quarter, Holdings Channel reports. The firm owned 61,308 shares of the company’s stock after buying an additional 1,884 shares during the quarter. Kestra Advisory Services LLC’s holdings in Cummins were worth $32,985,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Resona Asset Management Co. Ltd. boosted its stake in Cummins by 0.7% during the first quarter. Resona Asset Management Co. Ltd. now owns 44,698 shares of the company’s stock valued at $23,825,000 after buying an additional 326 shares during the last quarter. Personal CFO Solutions LLC bought a new stake in Cummins in the 1st quarter worth approximately $219,000. Saxon Interests Inc. raised its holdings in shares of Cummins by 67.2% during the 1st quarter. Saxon Interests Inc. now owns 1,679 shares of the company’s stock worth $903,000 after acquiring an additional 675 shares in the last quarter. Flatrock Wealth Partners LLC purchased a new stake in shares of Cummins during the 1st quarter worth approximately $223,000. Finally, Jackson Thornton Wealth Management LLC boosted its position in shares of Cummins by 8.9% during the 1st quarter. Jackson Thornton Wealth Management LLC now owns 870 shares of the company’s stock valued at $468,000 after acquiring an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the topic of several research reports. Evercore restated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Citigroup lifted their price objective on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Wells Fargo & Company boosted their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Finally, Truist Financial lifted their price target on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $738.00.

Insiders Place Their Bets

In other news, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction on Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the sale, the executive vice president directly owned 11,679 shares in the company, valued at approximately $8,177,519.01. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company’s stock.

Cummins Trading Up 0.5%

NYSE CMI traded up $3.54 during trading on Friday, hitting $676.93. The stock had a trading volume of 572,903 shares, compared to its average volume of 1,073,951. Cummins Inc. has a one year low of $334.70 and a one year high of $737.76. The stock has a 50 day simple moving average of $679.54 and a 200 day simple moving average of $609.34. The stock has a market capitalization of $93.41 billion, a price-to-earnings ratio of 35.13, a P/E/G ratio of 1.64 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the business posted $5.96 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. Sell-side analysts predict that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

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.