Legal & General Group Plc Buys 31,190 Shares of Cummins Inc. (NYSE:CMI)

Legal & General Group Plc lifted its stake in Cummins Inc. (NYSE:CMI) by 1.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,691,775 shares of the company’s stock after acquiring an additional 31,190 shares during the period. Legal & General Group Plc owned 1.24% of Cummins worth $468,503,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Marshfield Associates raised its stake in shares of Cummins by 0.3% in the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock valued at $288,699,000 after acquiring an additional 3,076 shares in the last quarter. MBB Public Markets I LLC bought a new position in shares of Cummins in the 2nd quarter valued at approximately $2,797,000. Dark Forest Capital Management LP bought a new position in shares of Cummins in the 2nd quarter valued at approximately $1,030,000. AQR Capital Management LLC raised its stake in shares of Cummins by 31.0% in the 2nd quarter. AQR Capital Management LLC now owns 616,876 shares of the company’s stock valued at $170,831,000 after acquiring an additional 145,921 shares in the last quarter. Finally, AXA S.A. raised its stake in shares of Cummins by 247.5% in the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after acquiring an additional 163,129 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on CMI. Raymond James began coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Truist Financial lifted their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Citigroup began coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $299.55.

Cummins Price Performance

Shares of NYSE:CMI opened at $326.23 on Friday. The business’s 50 day moving average is $299.67 and its 200-day moving average is $289.61. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $44.62 billion, a PE ratio of 23.88, a PEG ratio of 1.81 and a beta of 0.98. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $333.43.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period last year, the business earned $5.18 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts predict that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.23%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio is currently 53.29%.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins 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.