Allspring Global Investments Holdings LLC Has $2.64 Million Stock Position in Cummins Inc. $CMI

Key Points

• Allspring Global Investments Holdings LLC has significantly reduced its stake in Cummins Inc. by 57.8%, now holding 8,004 shares valued at approximately $2.64 million.
• Insider sales included VP Amy Rochelle Davis selling 5,002 shares for over $2 million, indicating a substantial reduction in personal equity holdings.
• Recent analyst ratings for Cummins have been positive, with multiple firms increasing their target prices and ratings, including JPMorgan upgrading the stock to a "neutral" rating with a target price raised to $460.

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 57.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,004 shares of the company's stock after selling 10,976 shares during the period. Allspring Global Investments Holdings LLC's holdings in Cummins were worth $2,638,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of CMI. Brighton Jones LLC boosted its stake in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after acquiring an additional 83 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Cummins by 22.3% in the 1st quarter. GAMMA Investing LLC now owns 3,801 shares of the company's stock worth $1,191,000 after acquiring an additional 692 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Cummins by 35.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,658 shares of the company's stock worth $9,923,000 after buying an additional 8,261 shares in the last quarter. PFG Investments LLC raised its holdings in shares of Cummins by 2.5% in the 1st quarter. PFG Investments LLC now owns 2,260 shares of the company's stock worth $708,000 after buying an additional 56 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in shares of Cummins by 5.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,987 shares of the company's stock worth $10,653,000 after buying an additional 1,678 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company's stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares of the company's stock, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock worth $17,674,285 over the last 90 days. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CMI has been the topic of several research reports. Wells Fargo & Company upgraded shares of Cummins to an "overweight" rating in a research report on Monday, August 11th. JPMorgan Chase & Co. lifted their target price on Cummins from $400.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, October 14th. Citigroup lifted their target price on Cummins from $425.00 to $485.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. Weiss Ratings reissued a "buy (b-)" rating on shares of Cummins in a research note on Tuesday, October 14th. Finally, Barclays upped their target price on Cummins from $387.00 to $430.00 and gave the stock an "equal weight" rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cummins currently has an average rating of "Moderate Buy" and a consensus price target of $410.50.

Cummins Trading Up 1.0%

Shares of NYSE:CMI opened at $418.33 on Wednesday. The business's 50 day simple moving average is $412.01 and its 200 day simple moving average is $354.77. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The company has a market capitalization of $57.64 billion, a P/E ratio of 19.67, a P/E/G ratio of 2.00 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company's revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $5.26 EPS. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins's dividend payout ratio (DPR) is 37.61%.

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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