Aberdeen Group plc Lowers Holdings in Cummins Inc. $CMI

Aberdeen Group plc lessened its stake in Cummins Inc. (NYSE:CMI) by 2.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 191,721 shares of the company’s stock after selling 4,465 shares during the period. Aberdeen Group plc owned about 0.14% of Cummins worth $97,864,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. State Street Corp increased its holdings in Cummins by 1.4% in the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after acquiring an additional 92,073 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Cummins by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock worth $649,280,000 after purchasing an additional 7,372 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Cummins by 4.5% during the 3rd quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock worth $640,090,000 after purchasing an additional 64,822 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CMI shares. Wells Fargo & Company upped their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Truist Financial reaffirmed a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. increased their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Insider Activity

In other Cummins news, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president owned 15,130 shares of the company’s stock, valued at $8,849,990.90. The trade was a 22.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is owned by company insiders.

Cummins Trading Up 0.0%

Shares of NYSE:CMI opened at $549.83 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The company’s 50-day moving average price is $567.38 and its 200 day moving average price is $509.76. The company has a market cap of $75.96 billion, a PE ratio of 26.79, a P/E/G ratio of 1.74 and a beta of 1.14. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the previous year, the firm posted $5.16 EPS. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Cummins Company 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.