Kestra Advisory Services LLC Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Kestra Advisory Services LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 3.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,875 shares of the company’s stock after selling 1,792 shares during the quarter. Kestra Advisory Services LLC’s holdings in Cummins were worth $13,812,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its stake in Cummins by 3.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock worth $1,759,326,000 after purchasing an additional 246,025 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after purchasing an additional 106,017 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cummins by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after buying an additional 96,387 shares during the last quarter. Ontario Teachers Pension Plan Board increased its holdings in shares of Cummins by 3.1% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock worth $342,817,000 after buying an additional 43,090 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Cummins by 4.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after buying an additional 64,365 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 0.3 %

Shares of NYSE:CMI traded up $0.76 during trading on Monday, hitting $291.14. The company’s stock had a trading volume of 40,575 shares, compared to its average volume of 1,906,605. The business has a 50 day moving average price of $279.25 and a two-hundred day moving average price of $274.93. The company has a market capitalization of $39.82 billion, a PE ratio of 21.26, a P/E/G ratio of 1.83 and a beta of 0.99. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. As a group, research analysts expect that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s payout ratio is 49.19%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CMI. The Goldman Sachs Group raised their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Truist Financial dropped their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a report on Tuesday, July 2nd. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. Finally, Robert W. Baird dropped their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $287.18.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Profile

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.