American Century Companies Inc. Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

American Century Companies Inc. decreased its position in Cummins Inc. (NYSE:CMI) by 30.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 464,430 shares of the company’s stock after selling 200,518 shares during the period. American Century Companies Inc.’s holdings in Cummins were worth $161,901,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in shares of Cummins during the fourth quarter worth $187,082,000. Proficio Capital Partners LLC purchased a new stake in shares of Cummins during the fourth quarter worth $71,279,000. Amundi lifted its position in shares of Cummins by 32.3% during the fourth quarter. Amundi now owns 771,038 shares of the company’s stock worth $277,381,000 after acquiring an additional 188,254 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after acquiring an additional 165,398 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 1.1 %

Shares of NYSE:CMI opened at $321.78 on Friday. The stock’s 50-day moving average price is $355.99 and its 200-day moving average price is $347.41. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The stock has a market capitalization of $44.24 billion, a P/E ratio of 11.42, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion for 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 firm earned $4.14 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced 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 of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Citigroup dropped their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Truist Financial upped their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Robert W. Baird upped their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. UBS Group decreased their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Finally, Barclays upped their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus target price of $389.50.

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.