Allspring Global Investments Holdings LLC Trims Position in Cummins Inc. (NYSE:CMI)

Allspring Global Investments Holdings LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 6.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Balentine LLC grew its holdings in Cummins by 3.3% in the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock valued at $898,000 after buying an additional 127 shares during the period. Allen Mooney & Barnes Investment Advisors LLC acquired a new position in Cummins during the third quarter worth approximately $9,048,000. SG Americas Securities LLC raised its stake in Cummins by 227.6% during the fourth quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after purchasing an additional 16,869 shares during the period. Eldred Rock Partners LLC acquired a new position in shares of Cummins in the 4th quarter valued at $7,195,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of Cummins by 4.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 223,307 shares of the company’s stock valued at $53,498,000 after buying an additional 9,564 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 1.3 %

Shares of Cummins stock opened at $287.56 on Friday. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The company has a market capitalization of $39.33 billion, a PE ratio of 55.51, a P/E/G ratio of 1.99 and a beta of 1.04. 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 business has a 50-day moving average of $280.26 and a 200-day moving average of $248.36.

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

Cummins Dividend Announcement

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

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

CMI has been the topic of several research reports. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Morgan Stanley assumed coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective on the stock. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. TD Cowen lifted their price target on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Finally, Evercore ISI increased their price objective on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $279.70.

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.