Cummins Inc. $CMI Shares Sold by Legal & General Group Plc

Legal & General Group Plc cut its position in Cummins Inc. (NYSE:CMI) by 6.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,228,594 shares of the company’s stock after selling 81,301 shares during the quarter. Legal & General Group Plc’s holdings in Cummins were worth $518,921,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. United Capital Management of KS Inc. increased its holdings in shares of Cummins by 2.0% in the 3rd quarter. United Capital Management of KS Inc. now owns 1,149 shares of the company’s stock valued at $485,000 after acquiring an additional 22 shares during the last quarter. Stock Yards Bank & Trust Co. raised its stake in shares of Cummins by 0.4% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock valued at $2,499,000 after purchasing an additional 24 shares in the last quarter. Whittier Trust Co. lifted its stake in shares of Cummins by 0.9% in the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock worth $1,154,000 after acquiring an additional 24 shares during the period. Howard Capital Management Inc. lifted its position in Cummins by 2.9% in the third quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock worth $365,000 after purchasing an additional 24 shares during the period. Finally, BNP Paribas lifted its holdings in shares of Cummins by 1.8% in the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after buying an additional 25 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $556.71 on Wednesday. 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 firm has a 50-day moving average price of $572.34 and a 200 day moving average price of $493.52. The firm has a market capitalization of $76.92 billion, a PE ratio of 27.13, a price-to-earnings-growth ratio of 1.74 and a beta of 1.12. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. The company 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%.The company’s revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $5.16 EPS. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio is presently 38.99%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CMI shares. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday. UBS Group set a $565.00 price objective on shares of Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. 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. Wells Fargo & Company raised their price target on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Insider Buying and Selling at Cummins

In related news, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This trade represents a 18.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,195 shares of company stock worth $18,397,489 over the last ninety days. Company insiders own 0.41% of the company’s stock.

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.