Kingsview Wealth Management LLC Purchases New Holdings in Cummins Inc. $CMI

Kingsview Wealth Management LLC acquired a new position in Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,895 shares of the company’s stock, valued at approximately $3,491,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Valmark Advisers Inc. lifted its holdings in shares of Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after purchasing an additional 16 shares in the last quarter. Guardian Partners Inc. grew its holdings in shares of Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after buying an additional 16 shares in the last quarter. Nicolet Advisory Services LLC grew its holdings in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC raised its position in Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after buying an additional 17 shares during the period. Finally, ICW Investment Advisors LLC raised its position in Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after buying an additional 18 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI opened at $564.61 on Friday. The business’s 50-day moving average price is $647.45 and its two-hundred day moving average price is $627.90. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company has a market capitalization of $77.72 billion, a P/E ratio of 28.85, a price-to-earnings-growth ratio of 1.35 and a beta of 1.24.

Cummins (NYSE:CMI) last posted 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 firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the business earned $6.43 earnings per share. Analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.6%. Cummins’s payout ratio is 44.97%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Morgan Stanley raised their price objective on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Barclays upped their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Evercore reissued an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Argus boosted their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Twelve equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Cummins has an average rating of “Moderate Buy” and a consensus price target of $745.64.

About Cummins

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.