First Trust Advisors LP Trims Position in Cummins Inc. (NYSE:CMI)

First Trust Advisors LP trimmed its stake in Cummins Inc. (NYSE:CMI - Free Report) by 79.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 175,476 shares of the company's stock after selling 668,819 shares during the period. First Trust Advisors LP owned about 0.13% of Cummins worth $61,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in CMI. Norges Bank bought a new position in shares of Cummins during the 4th quarter worth $499,490,000. Raymond James Financial Inc. purchased a new stake in Cummins in the fourth quarter worth about $187,082,000. Vanguard Group Inc. lifted its stake in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after acquiring an additional 250,650 shares during the period. Neuberger Berman Group LLC grew its holdings in Cummins by 57.0% during the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after acquiring an additional 233,694 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Cummins during the 4th quarter valued at about $71,279,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

NYSE CMI opened at $278.74 on Wednesday. The stock's fifty day moving average price is $323.22 and its 200 day moving average price is $344.66. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market cap of $38.39 billion, a price-to-earnings ratio of 9.89, a PEG ratio of 2.19 and a beta of 1.07.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.61%. Cummins's payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CMI shares. Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. cut their price target on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and reduced their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Morgan Stanley dropped their price objective on Cummins from $425.00 to $340.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and boosted their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $346.00.

Cummins 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.

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