American Century Companies Inc. Sells 200,518 Shares of Cummins Inc. (NYSE:CMI)

American Century Companies Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI) by 30.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 464,430 shares of the company’s stock after selling 200,518 shares during the period. American Century Companies Inc. owned 0.34% of Cummins worth $161,901,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in CMI. Avior Wealth Management LLC increased its stake in Cummins by 44.9% during the 3rd quarter. Avior Wealth Management LLC now owns 342 shares of the company’s stock worth $111,000 after acquiring an additional 106 shares during the period. Prospera Private Wealth LLC bought a new position in Cummins during the 3rd quarter worth $32,000. LPL Financial LLC increased its stake in Cummins by 6.1% during the 3rd quarter. LPL Financial LLC now owns 317,000 shares of the company’s stock worth $102,641,000 after acquiring an additional 18,294 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Cummins by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after acquiring an additional 6,608 shares during the period. Finally, Allen Capital Group LLC increased its stake in Cummins by 5.2% during the 3rd quarter. Allen Capital Group LLC now owns 1,157 shares of the company’s stock worth $375,000 after acquiring an additional 57 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CMI shares. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Robert W. Baird lifted their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Citigroup cut their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $389.50.

Cummins Stock Performance

Shares of Cummins stock opened at $321.78 on Friday. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. The firm has a market capitalization of $44.24 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 2.19 and a beta of 1.01. The business has a 50-day simple moving average of $355.99 and a 200 day simple moving average of $347.41. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last issued 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 during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.14 EPS. On average, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was 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.