Kestra Advisory Services LLC Raises Holdings in Cummins Inc. $CMI

Kestra Advisory Services LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 3.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,308 shares of the company’s stock after purchasing an additional 1,884 shares during the period. Kestra Advisory Services LLC’s holdings in Cummins were worth $32,985,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Thompson Investment Management Inc. purchased a new position in Cummins in the 4th quarter worth about $26,000. Activest Wealth Management raised its holdings in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $27,000. Key Financial Inc lifted its position in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the period. Finally, Birchwood Financial Partners Inc. purchased a new stake in Cummins in the fourth quarter worth approximately $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI traded up $3.54 on Friday, reaching $676.93. 572,903 shares of the stock were exchanged, compared to its average volume of 1,073,951. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a one year low of $334.70 and a one year high of $737.76. The firm has a market capitalization of $93.41 billion, a PE ratio of 35.13, a PEG ratio of 1.64 and a beta of 1.22. The company’s 50-day simple moving average is $679.54 and its two-hundred day simple moving average is $609.34.

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

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s dividend payout ratio is currently 41.52%.

Insiders Place Their Bets

In other Cummins news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This trade represents a 8.07% 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. Also, VP Nathan R. Stoner sold 607 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the transaction, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. The trade was a 6.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 in the last three months. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Barclays increased their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Finally, Truist Financial increased their price target on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $738.00.

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.