AEGON ASSET MANAGEMENT UK Plc Boosts Stock Position in Cummins Inc. (NYSE:CMI)

AEGON ASSET MANAGEMENT UK Plc boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 43.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 211,792 shares of the company’s stock after purchasing an additional 63,872 shares during the period. Cummins comprises approximately 1.0% of AEGON ASSET MANAGEMENT UK Plc’s holdings, making the stock its 24th largest holding. AEGON ASSET MANAGEMENT UK Plc’s holdings in Cummins were worth $73,832,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. PFG Investments LLC increased its stake in shares of Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after buying an additional 485 shares during the period. CWM LLC increased its position in Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the period. Alpha DNA Investment Management LLC bought a new position in Cummins in the 3rd quarter worth $748,000. Franklin Resources Inc. lifted its position in shares of Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares during the period. Finally, Dupree Financial Group LLC purchased a new stake in shares of Cummins in the 3rd quarter worth about $3,925,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. The trade was a 8.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have sold 6,489 shares of company stock worth $2,357,531. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CMI. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Citigroup lowered their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $374.25.

Cummins Stock Performance

Shares of Cummins stock opened at $367.45 on Friday. The stock has a market cap of $50.41 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 1.69 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a 1 year low of $236.00 and a 1 year high of $387.90. The firm’s 50-day moving average is $363.94 and its 200 day moving average is $330.77.

Cummins (NYSE:CMI) last issued 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 firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.73 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 21.92 EPS for the current fiscal year.

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.