Advisors Asset Management Inc. Boosts Stock Holdings in Cummins Inc. (NYSE:CMI)

Advisors Asset Management Inc. increased its position in shares of Cummins Inc. (NYSE:CMI) by 16.8% in the 4th quarter, HoldingsChannel reports. The firm owned 31,929 shares of the company’s stock after purchasing an additional 4,583 shares during the period. Advisors Asset Management Inc.’s holdings in Cummins were worth $11,130,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large 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 4th 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. BankPlus Trust Department purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $27,000. TCTC Holdings LLC purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $30,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CMI has been the topic of a number of analyst reports. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. 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. Citigroup decreased their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Jefferies Financial Group boosted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Evercore ISI boosted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $392.64.

Cummins Stock Performance

NYSE CMI opened at $326.13 on Tuesday. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The stock has a market cap of $44.84 billion, a price-to-earnings ratio of 11.58, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The business has a fifty day moving average of $358.75 and a 200-day moving average of $347.28. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.14 earnings per share. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.23%. Cummins’s payout ratio is currently 25.84%.

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.