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

Kingsview Wealth Management LLC lowered its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 68.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,381 shares of the company's stock after selling 9,721 shares during the period. Kingsview Wealth Management LLC's holdings in Cummins were worth $1,527,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Apollon Wealth Management LLC raised its stake in Cummins by 6.7% during the 4th quarter. Apollon Wealth Management LLC now owns 11,592 shares of the company's stock worth $4,041,000 after acquiring an additional 732 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in Cummins during the 4th quarter worth $355,000. Fairvoy Private Wealth LLC acquired a new stake in Cummins during the 4th quarter worth $3,451,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Cummins by 8.7% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,561 shares of the company's stock worth $5,425,000 after acquiring an additional 1,245 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in Cummins by 1.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 381,585 shares of the company's stock worth $133,021,000 after acquiring an additional 5,646 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the business's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and lifted their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. StockNews.com lowered shares of Cummins from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th. The Goldman Sachs Group lifted their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Robert W. Baird lifted their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cummins has an average rating of "Hold" and an average target price of $383.08.

Cummins Stock Performance

Shares of Cummins stock traded up $4.39 on Friday, reaching $373.71. 802,013 shares of the stock were exchanged, compared to its average volume of 829,577. Cummins Inc. has a 1-year low of $259.06 and a 1-year high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.79 and a debt-to-equity ratio of 0.42. The business has a fifty day moving average price of $361.20 and a two-hundred day moving average price of $338.14. The firm has a market capitalization of $51.38 billion, a PE ratio of 13.27, a PEG ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm's revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.14 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Friday, February 21st. Cummins's dividend payout ratio is currently 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.