Legal & General Group Plc Invests $666.63 Million in Cummins Inc. $CMI

Legal & General Group Plc bought a new position in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 934,697 shares of the company’s stock, valued at approximately $666,635,000. Legal & General Group Plc owned approximately 0.68% of Cummins at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $26,000. Elevation Wealth Partners LLC boosted its position in shares of Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC grew its holdings in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Activest Wealth Management grew its holdings in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Finally, Wellington Shields Capital Management LLC bought a new stake in Cummins in the fourth quarter worth $27,000. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

CMI has been the topic of a number of recent research reports. Barclays upped their price target on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Citigroup lifted their price objective on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Robert W. Baird set a $700.00 price target on shares of Cummins in a report on Wednesday, May 6th. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Performance

NYSE:CMI opened at $571.58 on Tuesday. The stock’s fifty day moving average is $658.70 and its 200 day moving average is $628.32. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The firm has a market capitalization of $78.68 billion, a PE ratio of 29.21, a PEG ratio of 1.40 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. Cummins’s dividend payout ratio (DPR) is 44.97%.

About Cummins

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.