Impax Asset Management Group plc Reduces Stock Position in Cummins Inc. (NYSE:CMI)

Impax Asset Management Group plc cut its position in Cummins Inc. (NYSE:CMI) by 12.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,901 shares of the company’s stock after selling 3,020 shares during the period. Impax Asset Management Group plc’s holdings in Cummins were worth $7,286,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of CMI. Global Trust Asset Management LLC increased its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the period. Compass Financial Services Inc acquired a new stake in Cummins during the 4th quarter valued at approximately $27,000. Prospera Private Wealth LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at $32,000. Kestra Investment Management LLC acquired a new stake in shares of Cummins in the fourth quarter worth $43,000. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Cummins during the third quarter worth $55,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $360.44 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a fifty day moving average of $361.38 and a 200 day moving average of $342.85. The firm has a market cap of $49.55 billion, a PE ratio of 12.80, a PEG ratio of 2.19 and a beta of 1.00. Cummins Inc. has a one year low of $260.88 and a one year high of $387.90.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the business earned $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.02%. Cummins’s payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CMI. Evercore ISI upped their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Citigroup reduced their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $386.67.

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.