abrdn plc Buys 112,529 Shares of Cummins Inc. (NYSE:CMI)

abrdn plc increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 22.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 611,810 shares of the company's stock after acquiring an additional 112,529 shares during the quarter. abrdn plc owned about 0.45% of Cummins worth $198,119,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CMI. Cantor Fitzgerald Investment Advisors L.P. bought a new position in shares of Cummins during the third quarter worth $324,000. Pallas Capital Advisors LLC bought a new position in Cummins during the third quarter worth about $292,000. Asahi Life Asset Management CO. LTD. bought a new stake in shares of Cummins in the third quarter worth about $453,000. Inscription Capital LLC acquired a new stake in shares of Cummins during the third quarter worth about $268,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in shares of Cummins during the 3rd quarter valued at about $212,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Down 1.1 %

Shares of NYSE CMI traded down $3.52 during trading hours on Tuesday, hitting $331.14. The company had a trading volume of 335,750 shares, compared to its average volume of 1,529,058. The stock has a market capitalization of $45.29 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82. The firm's 50 day moving average is $316.92 and its 200-day moving average is $296.16. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period in the previous year, the business earned $5.18 EPS. Cummins's revenue for the quarter was up 2.3% compared to the same quarter last year. On average, analysts expect that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. Cummins's dividend payout ratio is currently 53.29%.

Analyst Ratings Changes

Several analysts have commented on the stock. Evercore ISI raised their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an "in-line" rating in a report on Monday, August 19th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a report on Friday, October 11th. Truist Financial upped their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Citigroup lifted their price target on Cummins from $345.00 to $375.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Finally, Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the stock an "equal weight" rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $311.55.

Insider Buying and Selling

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company's stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

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.