Advisors Asset Management Inc. Has $8.85 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Advisors Asset Management Inc. grew its position in Cummins Inc. (NYSE:CMI - Free Report) by 23.5% during the third quarter, according to its most recent Form 13F filing with the SEC. 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 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. MWA Asset Management raised its stake in shares of Cummins by 2.0% during the 3rd quarter. MWA Asset Management now owns 3,676 shares of the company's stock valued at $1,190,000 after buying an additional 72 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Cummins in the third quarter worth about $32,000. Avior Wealth Management LLC grew its holdings in Cummins by 44.9% during the third quarter. Avior Wealth Management LLC now owns 342 shares of the company's stock worth $111,000 after acquiring an additional 106 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Cummins in the third quarter valued at approximately $4,883,000. Finally, Banque Cantonale Vaudoise boosted its position in Cummins by 27.1% in the 3rd quarter. Banque Cantonale Vaudoise now owns 16,727 shares of the company's stock worth $5,416,000 after purchasing an additional 3,567 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Up 1.8 %

Shares of Cummins stock traded up $6.44 during trading hours on Thursday, reaching $367.39. The stock had a trading volume of 55,188 shares, compared to its average volume of 1,461,259. The firm has a market capitalization of $50.40 billion, a price-to-earnings ratio of 23.84, a P/E/G ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 1 year low of $220.02 and a 1 year 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. The firm has a 50 day simple moving average of $332.94 and a two-hundred day simple moving average of $303.34.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $4.73 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins's payout ratio is 48.08%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CMI shares. Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and boosted their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the company an "equal weight" rating in a research report on Monday, August 5th. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research note on Friday, October 11th. Finally, StockNews.com upgraded shares of Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $337.67.

Insider Activity at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company's stock, valued at approximately $23,870,722.08. The trade was a 23.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock valued at $9,033,945 over the last ninety days. Corporate 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.