187,497 Shares in Cummins Inc. $CMI Acquired by Man Group plc

Man Group plc acquired a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 187,497 shares of the company’s stock, valued at approximately $133,725,000.

A number of other hedge funds have also made changes to their positions in CMI. BlackRock Inc. bought a new position in Cummins during the 2nd quarter valued at $8,204,241,000. State Street Corp lifted its holdings in shares of Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after buying an additional 49,628 shares during the period. Geode Capital Management LLC boosted its stake in Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after acquiring an additional 43,722 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $573.19 on Wednesday. Cummins Inc. has a 12 month low of $389.52 and a 12 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. The stock has a market cap of $78.91 billion, a PE ratio of 29.29, a price-to-earnings-growth ratio of 1.36 and a beta of 1.24. The business has a fifty day simple moving average of $656.14 and a 200-day simple moving average of $628.10.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $6.43 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio is 44.97%.

Analyst Upgrades and Downgrades

CMI has been the subject of several research reports. CICC Research initiated coverage on shares of Cummins in a research report on Sunday. They set an “outperform” rating for the company. Evercore reissued an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Truist Financial set a $894.00 target price on Cummins in a report on Wednesday, August 5th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.