Advisors Asset Management Inc. Has $11.13 Million Stock Position in Cummins Inc. (NYSE:CMI)

Advisors Asset Management Inc. boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 16.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 31,929 shares of the company's stock after buying an additional 4,583 shares during the period. Advisors Asset Management Inc.'s holdings in Cummins were worth $11,130,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CMI. Global Trust Asset Management LLC lifted its holdings in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins during the fourth quarter worth approximately $26,000. Compass Financial Services Inc purchased a new position in Cummins during the fourth quarter valued at approximately $27,000. TCTC Holdings LLC purchased a new position in Cummins during the fourth quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in Cummins during the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Evercore ISI lifted their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Citigroup decreased their target price on shares of Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. Jefferies Financial Group lifted their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a report on Friday, December 6th. Robert W. Baird boosted their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Finally, Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $389.50.

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Cummins Trading Down 1.1 %

CMI traded down $3.62 during trading on Friday, hitting $321.78. 1,244,157 shares of the company's stock were exchanged, compared to its average volume of 784,281. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The stock has a 50 day moving average price of $355.99 and a 200 day moving average price of $347.12. The firm has a market cap of $44.24 billion, a P/E ratio of 11.42, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts' consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm's revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.14 EPS. As a group, analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. Cummins's dividend payout ratio is presently 25.84%.

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.