Impax Asset Management Group plc Sells 4,350 Shares of Cummins Inc. (NYSE:CMI)

Impax Asset Management Group plc trimmed its holdings in Cummins Inc. (NYSE:CMI) by 15.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,921 shares of the company’s stock after selling 4,350 shares during the quarter. Impax Asset Management Group plc’s holdings in Cummins were worth $7,745,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after buying an additional 604,735 shares during the last quarter. Pathway Financial Advisers LLC increased its position in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP increased its position in Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after purchasing an additional 26,977 shares during the period. Legal & General Group Plc increased its position in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after purchasing an additional 31,190 shares during the period. Finally, Marshfield Associates increased its position in Cummins by 0.3% in the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after purchasing an additional 3,076 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CMI. Robert W. Baird lifted their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Barclays boosted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $334.33.

Cummins Trading Down 0.5 %

NYSE CMI opened at $361.85 on Friday. The stock has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 1.79 and a beta of 0.97. The stock’s 50 day moving average price is $327.55 and its two-hundred day moving average price is $301.04. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the prior year, the business posted $4.73 EPS. The business’s revenue was up .3% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 20.61 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock worth $9,033,945 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Cummins Company Profile

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.