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

Advisors Asset Management Inc. increased its stake in shares of Cummins Inc. (NYSE:CMI) by 16.8% in the fourth quarter, according to its most recent 13F filing with the SEC. 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 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CMI. Global Trust Asset Management LLC boosted its position in 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 position in Cummins in the 4th quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new position in Cummins in the 4th quarter valued at approximately $27,000. TCTC Holdings LLC purchased a new position in Cummins in the 4th quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in Cummins in the 4th quarter valued at approximately $30,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $326.13 on Tuesday. The company’s fifty day moving average price is $358.75 and its 200 day moving average price is $347.28. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The firm has a market capitalization of $44.84 billion, a P/E ratio of 11.58, a P/E/G ratio of 2.19 and a beta of 1.01.

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

Cummins Announces Dividend

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

Analyst Ratings Changes

CMI has been the subject of several recent research reports. Barclays raised their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Citigroup decreased their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Jefferies Financial Group lifted their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Truist Financial lifted their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $392.64.

Cummins Company 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.