Legal & General Group Plc Sells 198,915 Shares of Cummins Inc. $CMI

Legal & General Group Plc trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 16.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,029,679 shares of the company’s stock after selling 198,915 shares during the quarter. Legal & General Group Plc’s holdings in Cummins were worth $525,600,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Brighton Jones LLC raised its stake in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the last quarter. Intech Investment Management LLC raised its stake in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after acquiring an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after acquiring an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC bought a new position in Cummins in the second quarter worth about $225,000. Finally, Osterweis Capital Management Inc. bought a new position in Cummins in the second quarter worth about $31,000. 83.46% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. This represents a 6.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. The trade was a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 17,633 shares of company stock valued at $11,653,357. Company insiders own 0.30% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $640.41 on Tuesday. The stock has a market cap of $88.37 billion, a PE ratio of 33.23, a price-to-earnings-growth ratio of 1.58 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The firm’s 50-day simple moving average is $614.05 and its two-hundred day simple moving average is $564.91.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the company earned $5.96 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 28.93 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s dividend payout ratio is presently 41.52%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Argus set a $696.00 price target on shares of Cummins in a research note on Tuesday, February 10th. Barclays increased their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Wall Street Zen downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, Evercore reissued an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $677.87.

Cummins Company 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.