Kingsview Wealth Management LLC Grows Position in Cummins Inc. (NYSE:CMI)

Kingsview Wealth Management LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 4.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 14,102 shares of the company’s stock after buying an additional 545 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Cummins were worth $4,566,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the second quarter valued at about $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter valued at about $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the second quarter valued at about $29,000. LRI Investments LLC purchased a new position in shares of Cummins in the first quarter valued at about $31,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Cummins in the third quarter valued at about $32,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Up 1.5 %

CMI opened at $372.62 on Friday. The stock has a market cap of $51.12 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 1.79 and a beta of 0.97. The stock’s 50 day moving average price is $335.78 and its 200-day moving average price is $304.53. Cummins Inc. has a one year low of $222.04 and a one year high of $373.35. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.73 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.95%. Cummins’s dividend payout ratio is 48.08%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CMI shares. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Citigroup boosted their target price on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays boosted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. boosted their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $337.67.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by insiders.

Cummins Company 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.