Impax Asset Management Group plc Cuts Stock Holdings in Cummins Inc. $CMI

Impax Asset Management Group plc reduced its position in Cummins Inc. (NYSE:CMI) by 19.5% in the 3rd quarter, Holdings Channel reports. The firm owned 20,283 shares of the company’s stock after selling 4,928 shares during the quarter. Impax Asset Management Group plc’s holdings in Cummins were worth $8,567,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of CMI. Flagship Wealth Advisors LLC acquired a new position in Cummins during the third quarter worth $28,000. Osterweis Capital Management Inc. purchased a new stake in shares of Cummins in the 2nd quarter valued at approximately $31,000. Guerra Advisors Inc purchased a new stake in Cummins in the third quarter valued at approximately $36,000. Salomon & Ludwin LLC lifted its stake in Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after acquiring an additional 80 shares in the last quarter. Finally, Tripletail Wealth Management LLC acquired a new stake in shares of Cummins during the third quarter worth about $39,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Citigroup lifted their target price on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Argus set a $696.00 target price on shares of Cummins in a research report on Tuesday. UBS Group set a $565.00 price target on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Finally, Raymond James Financial increased their price objective on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Insider Buying and Selling at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the sale, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

NYSE:CMI opened at $599.19 on Thursday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a market capitalization of $82.71 billion, a P/E ratio of 29.20, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. The firm has a 50-day moving average price of $546.63 and a two-hundred day moving average price of $466.82.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the prior year, the company earned $5.16 EPS. Cummins’s revenue was up 1.1% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

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.