Sheaff Brock Investment Advisors LLC Reduces Stock Position in Cummins Inc. (NYSE:CMI)

Sheaff Brock Investment Advisors LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 1.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,833 shares of the company’s stock after selling 409 shares during the period. Cummins comprises approximately 0.8% of Sheaff Brock Investment Advisors LLC’s holdings, making the stock its 25th largest position. Sheaff Brock Investment Advisors LLC’s holdings in Cummins were worth $9,703,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Trust Asset Management LLC increased its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. Compass Financial Services Inc bought a new position in shares of Cummins in the 4th quarter worth approximately $27,000. Prospera Private Wealth LLC purchased a new position in shares of Cummins in the third quarter worth approximately $32,000. Friedenthal Financial bought a new stake in Cummins during the fourth quarter valued at approximately $55,000. Finally, Ashton Thomas Securities LLC purchased a new stake in Cummins during the third quarter valued at approximately $55,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

NYSE:CMI opened at $373.71 on Friday. The company has a market capitalization of $51.27 billion, a P/E ratio of 13.27, a P/E/G ratio of 2.10 and a beta of 1.00. The business’s 50-day moving average is $361.09 and its 200 day moving average is $338.71. The company has a current ratio of 1.31, a quick ratio of 0.79 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12 month low of $259.06 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $4.14 earnings per share. On average, equities research analysts forecast that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CMI shares. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Truist Financial raised their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $383.08.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is currently owned by company insiders.

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.