Impax Asset Management Group plc Has $8.26 Million Stock Position in Cummins Inc. $CMI

Impax Asset Management Group plc increased its position in shares of Cummins Inc. (NYSE:CMI) by 7.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 25,211 shares of the company’s stock after purchasing an additional 1,728 shares during the quarter. Impax Asset Management Group plc’s holdings in Cummins were worth $8,257,000 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 CMI. Accredited Wealth Management LLC acquired a new position in Cummins during the 1st quarter valued at about $31,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins during the 1st quarter worth approximately $39,000. Costello Asset Management INC bought a new stake in shares of Cummins during the first quarter worth approximately $40,000. Wealth Preservation Advisors LLC acquired a new position in Cummins in the first quarter valued at approximately $41,000. Finally, CNB Bank bought a new position in Cummins in the second quarter valued at approximately $43,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 38,127 shares of company stock valued at $16,993,030. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Barclays increased their price target on Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research note on Tuesday. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Citigroup boosted their target price on Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Ten investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and an average target price of $445.93.

Cummins Trading Down 2.4%

NYSE CMI opened at $467.79 on Friday. Cummins Inc. has a one year low of $260.02 and a one year high of $484.84. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a market cap of $64.45 billion, a P/E ratio of 21.99, a P/E/G ratio of 2.05 and a beta of 1.07. The stock’s 50-day moving average is $427.20 and its 200-day moving average is $373.79.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.86 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

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.