Schroder Investment Management Group Trims Stock Holdings in Cummins Inc. $CMI

Schroder Investment Management Group lowered its stake in Cummins Inc. (NYSE:CMI) by 5.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 167,447 shares of the company’s stock after selling 9,256 shares during the quarter. Schroder Investment Management Group’s holdings in Cummins were worth $70,232,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. United Capital Management of KS Inc. increased its holdings in Cummins by 2.0% in the 3rd quarter. United Capital Management of KS Inc. now owns 1,149 shares of the company’s stock worth $485,000 after acquiring an additional 22 shares in the last quarter. Stock Yards Bank & Trust Co. raised its stake in Cummins by 0.4% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after acquiring an additional 24 shares during the period. Whittier Trust Co. lifted its holdings in Cummins by 0.9% during the third quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock valued at $1,154,000 after purchasing an additional 24 shares in the last quarter. Howard Capital Management Inc. boosted its position in shares of Cummins by 2.9% in the third quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock worth $365,000 after purchasing an additional 24 shares during the period. Finally, BNP Paribas increased its stake in shares of Cummins by 1.8% in the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after purchasing an additional 25 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI stock opened at $556.71 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The company’s fifty day moving average price is $572.34 and its 200-day moving average price is $493.52. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The company has a market capitalization of $76.92 billion, a PE ratio of 27.13, a price-to-earnings-growth ratio of 1.74 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. Cummins’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the company posted $5.16 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CMI. Barclays raised their price objective on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Citigroup raised their price target on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Finally, Truist Financial reaffirmed a “buy” rating and issued a $703.00 price objective (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Insider Activity

In related news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Amy Rochelle Davis sold 4,054 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares of the company’s stock, valued at $8,873,101.38. This represents a 20.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is owned by corporate insiders.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.