Allspring Global Investments Holdings LLC Acquires 28,400 Shares of Cummins Inc. (NYSE:CMI)

Allspring Global Investments Holdings LLC raised its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 320.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 37,272 shares of the company's stock after purchasing an additional 28,400 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Cummins were worth $12,958,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Global Trust Asset Management LLC boosted its holdings in shares of Cummins by 59.6% during 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. Compass Financial Services Inc purchased a new stake in shares of Cummins during the 4th quarter valued at about $27,000. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at about $32,000. Friedenthal Financial purchased a new stake in shares of Cummins during the 4th quarter valued at about $55,000. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at about $55,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and raised their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Jefferies Financial Group raised their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a report on Friday, December 6th. StockNews.com downgraded shares of Cummins from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 6th. Vertical Research downgraded shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Finally, Evercore ISI raised their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $386.67.

Cummins Price Performance

Shares of Cummins stock traded down $17.60 on Friday, hitting $366.79. 802,298 shares of the company traded hands, compared to its average volume of 826,870. The stock has a market capitalization of $50.43 billion, a P/E ratio of 13.02, a price-to-earnings-growth ratio of 2.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 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. The business has a 50-day simple moving average of $361.51 and a 200 day simple moving average of $341.71.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm 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 company's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $4.14 earnings per share. Research analysts expect that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins's dividend payout ratio is presently 25.84%.

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.