Cummins Inc. (NYSE:CMI) Shares Sold by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. cut its position in Cummins Inc. (NYSE:CMI) by 3.7% in the fourth quarter, Holdings Channel reports. The firm owned 7,706 shares of the company’s stock after selling 299 shares during the period. Avantax Advisory Services Inc.’s holdings in Cummins were worth $2,686,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Mariner Investment Group LLC acquired a new stake in Cummins during the 4th quarter worth approximately $1,046,000. Alpha DNA Investment Management LLC acquired a new stake in Cummins during the 3rd quarter worth approximately $748,000. Franklin Resources Inc. lifted its position in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after acquiring an additional 99,464 shares during the period. Bank of Montreal Can lifted its position in Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after acquiring an additional 68,627 shares during the period. Finally, Hancock Whitney Corp lifted its position in Cummins by 545.1% during the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after acquiring an additional 32,642 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

NYSE CMI opened at $322.24 on Monday. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The company has a market capitalization of $44.30 billion, a P/E ratio of 11.44, a PEG ratio of 2.19 and a beta of 1.01. The business has a 50 day moving average price of $359.39 and a 200 day moving average price of $347.16. 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 (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the business posted $4.14 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.26%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analyst Ratings Changes

A number of analysts have weighed in on CMI shares. Citigroup decreased their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Friday. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $392.64.

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.