Ninety One UK Ltd Buys 2,063 Shares of Cummins Inc. $CMI

Ninety One UK Ltd bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 2,063 shares of the company’s stock, valued at approximately $1,066,000.

A number of other large investors also recently made changes to their positions in CMI. BlackRock Inc. bought a new position in shares of Cummins in the 2nd quarter worth $8,204,241,000. Bank of America Corp DE acquired a new stake in shares of Cummins during the second quarter worth $1,408,353,000. Bank of New York Mellon Corp bought a new stake in Cummins in the second quarter valued at about $973,198,000. Legal & General Group Plc bought a new stake in Cummins in the second quarter valued at about $666,635,000. Finally, Amundi increased its holdings in Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after purchasing an additional 147,093 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Cummins Trading Up 1.2%

Shares of NYSE CMI opened at $532.04 on Friday. The company’s fifty day moving average is $558.13 and its 200-day moving average is $620.48. The stock has a market cap of $73.24 billion, a price-to-earnings ratio of 27.19, a P/E/G ratio of 1.38 and a beta of 1.24. Cummins Inc. has a twelve month low of $405.82 and a twelve month high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the firm earned $6.43 EPS. Cummins’s quarterly revenue was up 9.4% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 30.10 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins’s payout ratio is currently 44.97%.

Analyst Ratings Changes

Several equities analysts have weighed in on CMI shares. Citigroup cut their target price on Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research note on Monday. Wells Fargo & Company decreased their target price on Cummins from $874.00 to $760.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. Evercore decreased their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. DA Davidson upped their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $708.18.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.