Kestra Private Wealth Services LLC Purchases 1,254 Shares of Cummins Inc. (NYSE:CMI)

Kestra Private Wealth Services LLC raised its position in shares of Cummins Inc. (NYSE:CMI) by 28.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,711 shares of the company’s stock after acquiring an additional 1,254 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Cummins were worth $1,991,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CMI. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in Cummins during the third quarter valued at $32,000. Ashton Thomas Securities LLC bought a new stake in Cummins during the third quarter valued at $55,000. Friedenthal Financial bought a new stake in Cummins during the fourth quarter valued at $55,000. Finally, Bangor Savings Bank boosted its position in Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock valued at $62,000 after acquiring an additional 35 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of several research reports. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Barclays upped their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. Robert W. Baird upped their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Finally, Citigroup dropped their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $383.08.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by insiders.

Cummins Trading Down 0.4 %

Shares of CMI stock opened at $372.38 on Wednesday. Cummins Inc. has a 52-week low of $250.90 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31. The company has a 50-day simple moving average of $361.74 and a two-hundred day simple moving average of $337.16. The company has a market capitalization of $51.08 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the firm posted $4.14 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.96%. Cummins’s payout ratio is 25.84%.

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.