AEGON ASSET MANAGEMENT UK Plc Sells 16,959 Shares of Cummins Inc. $CMI

AEGON ASSET MANAGEMENT UK Plc decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 7.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,203 shares of the company’s stock after selling 16,959 shares during the quarter. Cummins makes up 0.9% of AEGON ASSET MANAGEMENT UK Plc’s portfolio, making the stock its 28th largest position. AEGON ASSET MANAGEMENT UK Plc owned 0.15% of Cummins worth $68,821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Orca Wealth Management LLC raised its holdings in shares of Cummins by 0.6% in the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after purchasing an additional 28 shares in the last quarter. V Square Quantitative Management LLC raised its holdings in shares of Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after purchasing an additional 31 shares in the last quarter. Bank of Jackson Hole Trust raised its holdings in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares in the last quarter. Scotia Capital Inc. raised its holdings in shares of Cummins by 0.5% in the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after purchasing an additional 34 shares in the last quarter. Finally, Van Hulzen Asset Management LLC raised its holdings in shares of Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after purchasing an additional 34 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent research reports. Evercore ISI restated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research report on Wednesday, September 3rd. Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Citigroup lifted their price objective on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $407.43.

Cummins Stock Up 2.0%

NYSE:CMI opened at $417.31 on Wednesday. The company has a market cap of $57.50 billion, a PE ratio of 19.62, a P/E/G ratio of 1.97 and a beta of 1.04. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company’s 50 day moving average is $409.04 and its two-hundred day moving average is $350.83.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.26 EPS. Analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Insiders Place Their Bets

In other news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,119 shares of company stock worth $17,674,285. Company insiders own 0.41% 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.