AEGON ASSET MANAGEMENT UK Plc Sells 4,815 Shares of Cummins Inc. (NYSE:CMI)

AEGON ASSET MANAGEMENT UK Plc reduced its stake in Cummins Inc. (NYSE:CMI) by 3.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 147,920 shares of the company’s stock after selling 4,815 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.11% of Cummins worth $47,900,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of CMI. Hollencrest Capital Management bought a new stake in shares of Cummins in the 3rd quarter worth about $91,000. Capital Performance Advisors LLP bought a new stake in Cummins during the 3rd quarter worth approximately $91,000. Stiles Financial Services Inc grew its holdings in shares of Cummins by 3.8% during the third quarter. Stiles Financial Services Inc now owns 5,285 shares of the company’s stock worth $1,712,000 after purchasing an additional 193 shares during the last quarter. Summit Global Investments bought a new position in shares of Cummins in the third quarter worth about $206,000. Finally, JB Capital LLC raised its position in Cummins by 8.6% in the 3rd quarter. JB Capital LLC now owns 885 shares of the company’s stock worth $287,000 after purchasing an additional 70 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 0.5 %

Cummins stock opened at $356.50 on Friday. The company has a fifty day simple moving average of $322.99 and a 200 day simple moving average of $299.12. Cummins Inc. has a 1-year low of $214.57 and a 1-year high of $370.21. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The company has a market cap of $48.86 billion, a P/E ratio of 25.70, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.73 earnings per share. Research analysts anticipate that Cummins Inc. will post 19.96 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.04%. Cummins’s payout ratio is 52.49%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday. Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Evercore ISI raised their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Citigroup upped their price target on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $324.83.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

About Cummins

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.