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

Advisors Asset Management Inc. grew its stake in shares of Cummins Inc. (NYSE:CMI) by 23.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,346 shares of the company’s stock after purchasing an additional 5,206 shares during the period. Advisors Asset Management Inc.’s holdings in Cummins were worth $8,854,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the second quarter valued at about $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the 2nd quarter worth about $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins in the 2nd quarter worth about $29,000. LRI Investments LLC acquired a new stake in shares of Cummins in the 1st quarter worth about $31,000. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Cummins in the 3rd quarter worth about $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CMI. Barclays upped their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Robert W. Baird increased their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, Truist Financial increased their price objective 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $337.67.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock worth $9,033,945 in the last three months. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Down 0.3 %

CMI opened at $360.95 on Thursday. The company has a 50 day moving average of $332.94 and a 200 day moving average of $303.34. The company has a market cap of $49.52 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping 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 business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the company posted $4.73 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, sell-side analysts expect that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.02%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

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.