Impax Asset Management Group plc Decreases Stake in Cummins Inc. $CMI

Impax Asset Management Group plc lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 19.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 20,283 shares of the company’s stock after selling 4,928 shares during the period. Impax Asset Management Group plc’s holdings in Cummins were worth $8,567,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stock Yards Bank & Trust Co. boosted its holdings in shares of Cummins by 0.4% in the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after buying an additional 24 shares during the last quarter. Whittier Trust Co. boosted its position in shares of Cummins by 0.9% in the third quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock worth $1,154,000 after purchasing an additional 24 shares during the period. Howard Capital Management Inc. increased its stake in Cummins by 2.9% in the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock worth $365,000 after buying an additional 24 shares in the last quarter. BNP Paribas grew its position in shares of Cummins by 1.8% during the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after purchasing an additional 25 shares in the last quarter. Finally, Bridges Investment Management Inc. raised its position in shares of Cummins by 3.2% during the third quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock valued at $357,000 after buying an additional 26 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares of the company’s stock, valued at $4,536,485.72. The trade was a 13.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is owned by insiders.

Cummins Price Performance

NYSE CMI opened at $599.19 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The company has a market cap of $82.71 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 1.86 and a beta of 1.13. The stock’s fifty day moving average price is $546.63 and its 200 day moving average price is $466.82.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is 38.99%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Argus set a $696.00 target price on Cummins in a research report on Tuesday. Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Wells Fargo & Company raised their target price on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Finally, Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a report on Monday, January 26th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target of $588.93.

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.