Impax Asset Management Group plc Sells 2,945 Shares of Cummins Inc. $CMI

Impax Asset Management Group plc cut its position in shares of Cummins Inc. (NYSE:CMI) by 14.5% in the fourth quarter, HoldingsChannel reports. The firm owned 17,338 shares of the company’s stock after selling 2,945 shares during the period. Impax Asset Management Group plc’s holdings in Cummins were worth $8,850,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Brighton Jones LLC raised its position in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after acquiring an additional 1,146 shares during the period. Treasurer of the State of North Carolina increased its holdings in shares of Cummins by 2.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after acquiring an additional 1,759 shares during the period. ICW Investment Advisors LLC purchased a new position in shares of Cummins in the 2nd quarter valued at $225,000. Finally, Osterweis Capital Management Inc. purchased a new position in shares of Cummins in the 2nd quarter valued at $31,000. 83.46% of the stock is owned by institutional investors.

Cummins Trading Up 0.6%

NYSE CMI opened at $660.83 on Friday. The company has a fifty day simple moving average of $576.44 and a two-hundred day simple moving average of $530.46. The stock has a market cap of $91.30 billion, a P/E ratio of 32.20, a P/E/G ratio of 2.08 and a beta of 1.14. Cummins Inc. has a 12-month low of $284.23 and a 12-month high of $663.38. 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 (NYSE:CMI) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter last year, the company posted $5.16 earnings per share. The business’s quarterly revenue was up 1.1% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 26.03 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s payout ratio is currently 38.99%.

Insider Activity at Cummins

In other Cummins news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction dated 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 completion of the sale, the director 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. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president directly owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. This represents a 27.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,195 shares of company stock worth $18,397,489 in the last quarter. 0.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CMI shares. Morgan Stanley reiterated an “overweight” rating and issued a $675.00 price target on shares of Cummins in a report on Friday, February 6th. Barclays lifted their price target on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Argus set a $696.00 price target on Cummins in a report on Tuesday, February 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a report on Friday, April 10th. Finally, JPMorgan Chase & Co. lifted their price target on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $600.27.

Cummins Company 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.