Allspring Global Investments Holdings LLC Sells 18,292 Shares of Cummins Inc. (NYSE:CMI)

Allspring Global Investments Holdings LLC cut its position in Cummins Inc. (NYSE:CMI) by 49.1% in the first quarter, HoldingsChannel.com reports. The firm owned 18,980 shares of the company’s stock after selling 18,292 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cummins were worth $5,986,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. raised its stake in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares in the last quarter. TCTC Holdings LLC purchased a new position in Cummins in the fourth quarter worth $28,000. SBI Securities Co. Ltd. acquired a new position in shares of Cummins during the fourth quarter worth $30,000. Capital A Wealth Management LLC purchased a new stake in shares of Cummins during the 4th quarter valued at $32,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Cummins during the 1st quarter valued at $37,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

CMI opened at $331.83 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The firm has a 50 day moving average of $319.53 and a two-hundred day moving average of $331.54. The firm has a market capitalization of $45.71 billion, a PE ratio of 16.51, a P/E/G ratio of 2.00 and a beta of 1.03.

Cummins (NYSE:CMI) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $5.08 earnings per share. On average, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.19%. Cummins’s payout ratio is currently 36.22%.

Insider Activity

In related news, Director John H. Stone bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CMI has been the topic of several recent analyst reports. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Citigroup restated a “buy” rating and set a $360.00 price target (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Truist Financial decreased their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and upped their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average target price of $358.08.

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.