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

Impax Asset Management Group plc trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 15.4% during the third quarter, HoldingsChannel reports. 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 quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pathway Financial Advisers LLC lifted its holdings in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Cummins during the 2nd quarter worth approximately $68,018,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after buying an additional 179,346 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

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

Insiders Place Their Bets

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

Cummins Stock Up 8.9 %

Cummins stock opened at $354.45 on Wednesday. Cummins Inc. has a fifty-two week low of $214.57 and a fifty-two week high of $356.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm has a market capitalization of $48.58 billion, a PE ratio of 25.56, a P/E/G ratio of 1.88 and a beta of 0.97. The company’s 50-day moving average is $320.21 and its 200-day moving average is $297.86.

Cummins Dividend Announcement

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

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.