Royal London Asset Management Ltd. Acquires 1,959 Shares of Cummins Inc. (NYSE:CMI)

Royal London Asset Management Ltd. lifted its stake in shares of Cummins Inc. (NYSE:CMIFree Report) by 3.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 56,008 shares of the company’s stock after buying an additional 1,959 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Cummins were worth $13,418,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of CMI. First United Bank & Trust acquired a new position in shares of Cummins during the fourth quarter valued at about $25,000. Private Wealth Management Group LLC bought a new position in Cummins in the fourth quarter worth approximately $26,000. Silver Oak Securities Incorporated acquired a new stake in Cummins in the third quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. bought a new stake in shares of Cummins during the fourth quarter valued at approximately $31,000. Finally, Quarry LP raised its position in shares of Cummins by 258.5% during the fourth quarter. Quarry LP now owns 147 shares of the company’s stock worth $35,000 after purchasing an additional 106 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

CMI traded down $3.90 during trading on Friday, hitting $266.48. 897,844 shares of the company traded hands, compared to its average volume of 784,398. Cummins Inc. has a one year low of $212.80 and a one year high of $304.24. The stock’s fifty day moving average is $286.06 and its 200 day moving average is $265.54. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The firm has a market cap of $36.45 billion, a P/E ratio of 19.51, a price-to-earnings-growth ratio of 1.66 and a beta of 1.02.

Cummins (NYSE:CMIGet Free Report) last released its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. As a group, equities analysts predict that Cummins Inc. will post 18.84 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a $1.68 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 annualized dividend and a dividend yield of 2.52%. Cummins’s payout ratio is presently 49.19%.

Insider Activity

In related news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jeffrey T. Wiltrout bought 282 shares of the company’s stock in a transaction on Friday, May 24th. The shares were bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on CMI. The Goldman Sachs Group boosted their price target on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Truist Financial reissued a “hold” rating and set a $319.00 price objective on shares of Cummins in a report on Wednesday, May 15th. TD Cowen lifted their target price on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Finally, JPMorgan Chase & Co. upped their price target on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $284.36.

Check Out Our Latest Stock Report on Cummins

Cummins Profile

(Free Report)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

Featured Articles

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.