2,063 Shares in Cummins Inc. $CMI Acquired by Ninety One UK Ltd

Ninety One UK Ltd purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,063 shares of the company’s stock, valued at approximately $1,066,000.

Several other institutional investors have also recently bought and sold shares of CMI. BlackRock Inc. bought a new stake in shares of Cummins during the second quarter worth $8,204,241,000. Bank of America Corp DE acquired a new stake in shares of Cummins in the second quarter valued at $1,408,353,000. Bank of New York Mellon Corp bought a new position in shares of Cummins in the second quarter valued at about $973,198,000. Legal & General Group Plc bought a new position in shares of Cummins in the second quarter valued at about $666,635,000. Finally, Amundi raised its holdings in shares of Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after buying an additional 147,093 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMI. Evercore reduced their price target on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. DA Davidson boosted their target price on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Morgan Stanley boosted their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $708.18.

Cummins Stock Up 1.2%

Shares of CMI opened at $532.04 on Friday. The firm has a market capitalization of $73.24 billion, a price-to-earnings ratio of 27.19, a PEG ratio of 1.38 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The business’s fifty day moving average price is $558.13 and its two-hundred day moving average price is $620.48. Cummins Inc. has a 52 week low of $405.82 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the business posted $6.43 earnings per share. On average, analysts predict that Cummins Inc. will post 30.10 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Insider Buying and Selling

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by insiders.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.