Ameriprise Financial Inc. Sells 409,365 Shares of Cummins Inc. (NYSE:CMI)

Ameriprise Financial Inc. reduced its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 20.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,636,053 shares of the company's stock after selling 409,365 shares during the quarter. Ameriprise Financial Inc. owned 1.19% of Cummins worth $570,305,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Global Trust Asset Management LLC lifted its position in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins in the fourth quarter worth $26,000. Compass Financial Services Inc bought a new stake in Cummins during the 4th quarter valued at $27,000. Meeder Asset Management Inc. boosted its position in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new stake in Cummins in the 4th quarter worth $28,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

CMI has been the subject of a number of analyst reports. Truist Financial dropped their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Morgan Stanley increased their price objective on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday. StockNews.com cut Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Evercore ISI raised their price target on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Finally, Robert W. Baird cut their price target on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus price target of $347.69.

Cummins Stock Up 0.1 %

NYSE:CMI traded up $0.40 during mid-day trading on Friday, hitting $306.81. 512,984 shares of the company's stock were exchanged, compared to its average volume of 806,662. The company has a market cap of $42.26 billion, a PE ratio of 10.89, a P/E/G ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The business has a fifty day moving average price of $305.47 and a 200 day moving average price of $341.48.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. During the same period in the previous year, the firm posted $5.08 EPS. The business's revenue for the quarter was down 2.7% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.37%. Cummins's payout ratio is presently 36.22%.

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.