Advisors Asset Management Inc. Acquires 3,083 Shares of Cummins Inc. $CMI

Advisors Asset Management Inc. boosted its stake in Cummins Inc. (NYSE:CMI) by 7.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,882 shares of the company’s stock after acquiring an additional 3,083 shares during the period. Advisors Asset Management Inc.’s holdings in Cummins were worth $18,534,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Motley Fool Asset Management LLC grew its position in Cummins by 9.7% during the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after purchasing an additional 623 shares during the last quarter. Applied Finance Capital Management LLC lifted its stake in shares of Cummins by 14.4% in the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after buying an additional 7,656 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Cummins by 8.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after buying an additional 2,417 shares during the last quarter. New York State Teachers Retirement System grew its holdings in shares of Cummins by 2.1% during the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after buying an additional 2,305 shares during the last quarter. Finally, Bailard Inc. increased its position in shares of Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Citigroup boosted their price target on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 price objective on shares of Cummins in a research report on Friday. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a “market perform” rating in a report on Friday. Finally, Wolfe Research cut shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a research note on Monday, January 26th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Insider Activity at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider directly owned 9,271 shares of the company’s stock, valued at $4,536,485.72. The trade was a 13.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by company insiders.

Cummins Stock Down 2.3%

CMI opened at $587.45 on Wednesday. The firm’s 50 day simple moving average is $544.81 and its two-hundred day simple moving average is $465.89. The company has a market capitalization of $81.09 billion, a PE ratio of 28.63, a PEG ratio of 1.92 and a beta of 1.13. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the previous year, the firm posted $5.16 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is 38.99%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.