M&G Plc Lowers Position in Cummins Inc. (NYSE:CMI)

M&G Plc lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 7.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,287 shares of the company’s stock after selling 583 shares during the period. M&G Plc’s holdings in Cummins were worth $2,361,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. PFG Investments LLC raised its position in shares of Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after buying an additional 485 shares during the period. CWM LLC increased its stake in Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after acquiring an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC raised its holdings in shares of Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of Cummins in the 2nd quarter valued at about $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after purchasing an additional 21,850 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $356.50 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a fifty-two week low of $214.57 and a fifty-two week high of $370.21. The business has a 50 day moving average price of $322.99 and a two-hundred day moving average price of $299.12. The firm has a market cap of $48.86 billion, a PE ratio of 25.70, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company earned $4.73 earnings per share. Sell-side analysts expect that Cummins Inc. will post 19.96 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 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 52.49%.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Evercore ISI raised their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Citigroup raised their target price on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday. Robert W. Baird raised their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $324.83.

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.