Royal London Asset Management Ltd. Has $18.20 Million Holdings in Cummins Inc. (NYSE:CMI)

Royal London Asset Management Ltd. lifted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 2.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,203 shares of the company's stock after buying an additional 1,575 shares during the period. Royal London Asset Management Ltd.'s holdings in Cummins were worth $18,198,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Pathway Financial Advisers LLC increased its holdings in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock worth $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in Cummins in the second quarter valued at about $68,018,000. Renaissance Technologies LLC acquired a new position in Cummins in the 2nd quarter worth about $46,607,000. Finally, Fisher Asset Management LLC raised its stake in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after purchasing an additional 165,398 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Citigroup increased their price target on shares of Cummins from $375.00 to $415.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a report on Friday, October 11th. Truist Financial upped their price objective on shares of Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. Finally, StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cummins has a consensus rating of "Hold" and an average target price of $345.15.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now owns 20,803 shares in the company, valued at $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last three months. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Performance

NYSE CMI traded up $1.03 during trading on Friday, hitting $379.60. The company's stock had a trading volume of 752,410 shares, compared to its average volume of 519,641. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $382.86. The firm has a market cap of $52.07 billion, a P/E ratio of 25.07, a price-to-earnings-growth ratio of 1.84 and a beta of 0.99. The firm has a 50 day moving average price of $347.40 and a 200 day moving average price of $309.68. 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 announced its earnings results 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 net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the firm posted $4.73 earnings per share. Cummins's revenue was up .3% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins's payout ratio is presently 48.08%.

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.