Man Group plc Has $44.01 Million Stock Position in Cummins Inc. (NYSE:CMI)

Man Group plc lowered its holdings in Cummins Inc. (NYSE:CMI) by 40.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 126,244 shares of the company’s stock after selling 84,885 shares during the quarter. Man Group plc owned 0.09% of Cummins worth $44,009,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. NorthRock Partners LLC acquired a new stake in Cummins in the 4th quarter valued at approximately $273,000. Nuveen Asset Management LLC grew its holdings in Cummins by 29.4% in the 4th quarter. Nuveen Asset Management LLC now owns 385,475 shares of the company’s stock valued at $134,377,000 after buying an additional 87,505 shares during the last quarter. Mubadala Investment Co PJSC acquired a new stake in Cummins in the 4th quarter valued at approximately $3,903,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Cummins by 80.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,928 shares of the company’s stock valued at $18,102,000 after buying an additional 23,078 shares during the last quarter. Finally, MJP Associates Inc. ADV grew its holdings in Cummins by 132.4% in the 4th quarter. MJP Associates Inc. ADV now owns 1,441 shares of the company’s stock valued at $502,000 after buying an additional 821 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 0.3%

Shares of Cummins stock opened at $333.47 on Thursday. The company has a market capitalization of $45.94 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The business has a 50-day moving average of $303.97 and a two-hundred day moving average of $341.37. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same period in the previous year, the firm earned $5.08 EPS. Cummins’s quarterly revenue was down 2.7% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.18%. Cummins’s payout ratio is 36.22%.

Analyst Ratings Changes

A number of analysts have commented on the company. Truist Financial reduced their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. raised their target price on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $354.83.

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.