Legal & General Group Plc Has $428.99 Million Stake in Cummins Inc. $CMI

Legal & General Group Plc cut its stake in shares of Cummins Inc. (NYSE:CMI) by 9.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,309,895 shares of the company’s stock after selling 135,915 shares during the quarter. Legal & General Group Plc owned approximately 0.95% of Cummins worth $428,991,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Motley Fool Asset Management LLC boosted its holdings in shares of Cummins by 9.7% in the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after buying an additional 623 shares during the last quarter. Applied Finance Capital Management LLC boosted its stake in Cummins by 14.4% in the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after acquiring an additional 7,656 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Cummins during the 1st quarter valued at approximately $2,749,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Cummins by 6.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock worth $91,054,000 after purchasing an additional 17,566 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Wells Fargo & Company assumed coverage on shares of Cummins in a research note on Thursday, November 13th. They set an “overweight” rating and a $599.00 price target on the stock. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Ten investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $445.93.

Insider Activity at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares in the company, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 34,960 shares of company stock valued at $15,715,060 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $472.35 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $484.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The stock has a market cap of $65.20 billion, a P/E ratio of 22.21, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. The firm’s fifty day moving average price is $434.70 and its 200-day moving average price is $380.85.

Cummins (NYSE:CMI) last released 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. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter last year, the business posted $5.86 earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is 41.52%.

Cummins Company 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.