Allspring Global Investments Holdings LLC Decreases Stake in Cummins Inc. (NYSE:CMI)

Allspring Global Investments Holdings LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 6.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,115 shares of the company’s stock after selling 1,160 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cummins were worth $3,861,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. KB Financial Partners LLC lifted its stake in Cummins by 1.3% in the 3rd quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock worth $819,000 after purchasing an additional 45 shares in the last quarter. Edmp Inc. boosted its stake in Cummins by 0.8% during the fourth quarter. Edmp Inc. now owns 5,560 shares of the company’s stock worth $1,332,000 after buying an additional 46 shares during the last quarter. Columbia Trust Co 01012016 grew its holdings in Cummins by 1.2% in the 3rd quarter. Columbia Trust Co 01012016 now owns 4,156 shares of the company’s stock valued at $949,000 after buying an additional 48 shares in the last quarter. Ledge Wealth Management Inc. increased its stake in shares of Cummins by 0.5% in the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock worth $2,165,000 after acquiring an additional 48 shares during the last quarter. Finally, Spears Abacus Advisors LLC raised its holdings in shares of Cummins by 5.1% during the 1st quarter. Spears Abacus Advisors LLC now owns 982 shares of the company’s stock worth $235,000 after acquiring an additional 48 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CMI. Truist Financial initiated coverage on shares of Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price objective for the company. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $243.00 to $225.00 in a research report on Friday, January 19th. TD Cowen increased their price objective on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Citigroup lifted their target price on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Finally, The Goldman Sachs Group increased their price target on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $279.70.

Cummins Stock Performance

Shares of Cummins stock opened at $287.56 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The stock has a market capitalization of $39.33 billion, a price-to-earnings ratio of 55.51, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. The business has a 50-day moving average of $280.26 and a 200 day moving average of $248.36. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business posted $4.52 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 18.24 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Insider Activity

In related news, Director Daniel William Fisher bought 562 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was purchased at an average cost of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel William Fisher bought 562 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were purchased at an average price of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 51,289 shares of company stock worth $13,576,838. Corporate insiders own 0.56% of the company’s stock.

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.