Allspring Global Investments Holdings LLC Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Allspring Global Investments Holdings LLC lessened its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 49.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,980 shares of the company's stock after selling 18,292 shares during the period. Allspring Global Investments Holdings LLC's holdings in Cummins were worth $5,986,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CMI. Meeder Asset Management Inc. increased its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the last quarter. TCTC Holdings LLC bought a new stake in Cummins during the fourth quarter worth approximately $28,000. SBI Securities Co. Ltd. purchased a new stake in Cummins during the fourth quarter valued at approximately $30,000. Capital A Wealth Management LLC purchased a new stake in Cummins during the fourth quarter valued at approximately $32,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Cummins in the 1st quarter valued at approximately $37,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CMI shares. Evercore ISI cut their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Robert W. Baird cut their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and lowered their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Truist Financial reduced their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus target price of $358.08.

Cummins Stock Performance

Shares of NYSE:CMI opened at $331.83 on Friday. The firm's 50 day simple moving average is $319.53 and its 200-day simple moving average is $331.54. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The firm has a market cap of $45.71 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 2.00 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins's quarterly revenue was down 2.7% on a year-over-year basis. During the same period last year, the business posted $5.08 EPS. As a group, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Friday, May 23rd. Cummins's dividend payout ratio (DPR) is presently 36.22%.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by insiders.

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.

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