Kingswood Wealth Advisors LLC Sells 1,956 Shares of Cummins Inc. (NYSE:CMI)

Kingswood Wealth Advisors LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 41.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,740 shares of the company’s stock after selling 1,956 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Cummins were worth $955,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CMI. Pathway Financial Advisers LLC increased its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC increased its stake in Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after acquiring an additional 972,247 shares during the last quarter. Fisher Asset Management LLC increased its stake in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares during the last quarter. State Street Corp increased its stake in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. Finally, abrdn plc boosted its position in shares of Cummins by 22.5% during the third quarter. abrdn plc now owns 611,810 shares of the company’s stock valued at $198,119,000 after buying an additional 112,529 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on CMI. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Robert W. Baird boosted their target price on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $374.25.

Cummins Stock Up 0.5 %

Cummins stock opened at $350.59 on Wednesday. The business has a fifty day moving average of $363.62 and a two-hundred day moving average of $332.09. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market cap of $48.09 billion, a P/E ratio of 23.16, a P/E/G ratio of 1.69 and a beta of 1.01. Cummins Inc. has a twelve month low of $236.00 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.73 earnings per share. On average, analysts forecast that Cummins Inc. will post 21.92 earnings per share for the current fiscal year.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Corporate insiders own 0.56% of the company’s stock.

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.