Cummins Inc. (NYSE:CMI) Stake Lessened by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC decreased its position in shares of Cummins Inc. (NYSE:CMI) by 68.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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.

Other institutional investors have also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC lifted its holdings in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the period. Prospera Private Wealth LLC bought a new stake in Cummins in the third quarter worth about $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins in the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC bought a new position in shares of Cummins during the 3rd quarter valued at about $55,000. Finally, Friedenthal Financial acquired a new position in shares of Cummins in the 4th quarter worth approximately $55,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

CMI stock opened at $373.98 on Tuesday. The firm has a 50 day simple moving average of $361.82 and a 200 day simple moving average of $336.52. Cummins Inc. has a 52 week low of $250.90 and a 52 week high of $387.90. The stock has a market cap of $51.30 billion, a P/E ratio of 13.28, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the business posted $4.14 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. Research analysts anticipate that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CMI shares. Barclays increased their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Citigroup reduced their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Robert W. Baird boosted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $383.08.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 4,327 shares of company stock valued at $1,582,821 in the last three months. 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.