Impax Asset Management Group plc Sells 4,350 Shares of Cummins Inc. (NYSE:CMI)

Impax Asset Management Group plc lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 15.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,921 shares of the company’s stock after selling 4,350 shares during the quarter. Impax Asset Management Group plc’s holdings in Cummins were worth $7,745,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the second quarter valued at about $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins during the second quarter valued at approximately $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins in the second quarter valued at $29,000. LRI Investments LLC bought a new position in Cummins in the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the third quarter worth $34,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $354.45 on Wednesday. Cummins Inc. has a 1 year low of $214.57 and a 1 year high of $356.68. 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 firm’s 50 day moving average is $320.21 and its 200-day moving average is $297.86. The firm has a market capitalization of $48.58 billion, a price-to-earnings ratio of 25.56, a PEG ratio of 1.88 and a beta of 0.97.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is 52.49%.

Insider Buying and Selling at Cummins

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

Analysts Set New Price Targets

A number of research firms have recently commented on CMI. Citigroup raised their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Truist Financial increased their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Evercore ISI boosted their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Finally, Robert W. Baird increased their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $311.55.

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.