Impax Asset Management Group plc Lowers Stake in Cummins Inc. (NYSE:CMI)

Impax Asset Management Group plc lessened its stake in Cummins Inc. (NYSE:CMI) by 12.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,901 shares of the company’s stock after selling 3,020 shares during the period. Impax Asset Management Group plc’s holdings in Cummins were worth $7,286,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC increased its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the period. Compass Financial Services Inc bought a new position in Cummins in the fourth quarter worth approximately $27,000. Prospera Private Wealth LLC bought a new stake in Cummins during the 3rd quarter valued at $32,000. Kestra Investment Management LLC purchased a new stake in shares of Cummins in the 4th quarter worth $43,000. Finally, Ashton Thomas Securities LLC bought a new position in shares of Cummins during the 3rd quarter worth $55,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CMI shares. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird upped their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Finally, StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $386.67.

Cummins Stock Down 1.8 %

Cummins stock opened at $360.44 on Tuesday. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90. The business has a fifty day moving average price of $361.38 and a 200-day moving average price of $342.85. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock has a market capitalization of $49.55 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the company earned $4.14 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.02%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

About Cummins

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.