Advisors Asset Management Inc. Purchases 5,206 Shares of Cummins Inc. (NYSE:CMI)

Advisors Asset Management Inc. boosted its position in Cummins Inc. (NYSE:CMI) by 23.5% during the third quarter, Holdings Channel.com reports. The fund owned 27,346 shares of the company’s stock after acquiring an additional 5,206 shares during the period. Advisors Asset Management Inc.’s holdings in Cummins were worth $8,854,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Chicago Capital LLC grew its holdings in Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after acquiring an additional 30 shares during the last quarter. Equitable Trust Co. boosted its stake in shares of Cummins by 3.6% during the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after purchasing an additional 32 shares in the last quarter. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after purchasing an additional 35 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in shares of Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after purchasing an additional 35 shares in the last quarter. Finally, Fidelis Capital Partners LLC boosted its stake in shares of Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock valued at $340,000 after purchasing an additional 38 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.3 %

CMI opened at $360.95 on Thursday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average price of $332.94 and a 200-day moving average price of $303.34. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21. The stock has a market capitalization of $49.52 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the company earned $4.73 earnings per share. The firm’s quarterly revenue was up .3% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.02%. Cummins’s payout ratio is 48.08%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CMI. Truist Financial lifted their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group boosted their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Finally, Citigroup boosted their price objective on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $337.67.

Insider Activity

In related news, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,456,419.29. The trade was a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,576 shares of company stock valued at $9,033,945 over the last three months. Insiders own 0.56% of the company’s stock.

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.