Janus Henderson Group PLC Grows Holdings in Cummins Inc. (NYSE:CMI)

Janus Henderson Group PLC increased its position in shares of Cummins Inc. (NYSE:CMI) by 15.8% during the 1st quarter, Holdings Channel reports. The firm owned 80,727 shares of the company’s stock after purchasing an additional 11,033 shares during the quarter. Janus Henderson Group PLC’s holdings in Cummins were worth $23,770,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. First United Bank & Trust bought a new stake in Cummins in the fourth quarter worth about $25,000. Private Wealth Management Group LLC bought a new stake in shares of Cummins in the fourth quarter valued at approximately $26,000. DiNuzzo Private Wealth Inc. bought a new stake in shares of Cummins in the fourth quarter valued at approximately $31,000. JNBA Financial Advisors raised its position in shares of Cummins by 1,111.1% in the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after purchasing an additional 100 shares during the period. Finally, Quarry LP raised its position in shares of Cummins by 258.5% in the fourth quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after purchasing an additional 106 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Cummins Price Performance

Cummins stock opened at $291.65 on Thursday. The company has a market cap of $39.89 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 1.82 and a beta of 0.99. The firm’s fifty day moving average is $279.53 and its 200 day moving average is $275.79. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. Sell-side analysts forecast that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.50%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s dividend payout ratio is presently 49.19%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CMI. The Goldman Sachs Group boosted their price target on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Robert W. Baird decreased their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Truist Financial decreased their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. Raymond James initiated coverage on shares of Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $287.18.

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.