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

Allspring Global Investments Holdings LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 320.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,272 shares of the company’s stock after buying an additional 28,400 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cummins were worth $12,958,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. PFG Investments LLC grew its holdings in shares of Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after acquiring an additional 485 shares during the period. Mariner Investment Group LLC purchased a new position in Cummins in the fourth quarter valued at about $1,046,000. Alpha DNA Investment Management LLC purchased a new position in Cummins in the third quarter valued at about $748,000. Franklin Resources Inc. grew its stake in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Finally, Bank of Montreal Can grew its stake in shares of Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after acquiring an additional 68,627 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 1.2 %

Shares of CMI opened at $373.71 on Tuesday. The company has a 50-day simple moving average of $361.09 and a 200-day simple moving average of $339.39. The firm has a market capitalization of $51.27 billion, a P/E ratio of 13.27, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31. Cummins Inc. has a 52 week low of $259.06 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.14 earnings per share. On average, equities research analysts expect that Cummins Inc. will post 22.57 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CMI shares. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Finally, Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $383.08.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.56% of the stock is owned by insiders.

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.