Cummins Inc. (NYSE:CMI) Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 15.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 23,921 shares of the company's stock after selling 4,350 shares during the period. Impax Asset Management Group plc's holdings in Cummins were worth $7,745,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. PFG Investments LLC increased its position in shares of Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company's stock worth $725,000 after purchasing an additional 485 shares in the last quarter. CWM LLC grew its holdings in shares of Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company's stock worth $3,908,000 after buying an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC raised its position in shares of Cummins by 109,309.3% in the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company's stock valued at $16,361,000 after buying an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Cummins in the second quarter worth about $16,329,000. Finally, Cetera Advisors LLC lifted its stake in shares of Cummins by 162.9% in the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company's stock worth $6,739,000 after buying an additional 14,170 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CMI. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Citigroup boosted their price objective on Cummins from $345.00 to $375.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Truist Financial raised their target price on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research report on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Cummins currently has an average rating of "Hold" and an average price target of $334.33.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction 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 approximately $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock valued at $9,033,945 in the last ninety days. Company insiders own 0.56% of the company's stock.

Cummins Trading Down 0.5 %

NYSE CMI traded down $1.88 on Friday, reaching $361.85. The stock had a trading volume of 536,110 shares, compared to its average volume of 1,481,105. Cummins Inc. has a 12-month low of $220.02 and a 12-month high of $370.21. The stock has a fifty day moving average price of $328.91 and a two-hundred day moving average price of $301.51. The firm has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins's revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.73 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Friday, November 22nd. Cummins's dividend payout ratio (DPR) is currently 48.08%.

Cummins 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.