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Aberdeen Group plc Buys 22,751 Shares of Cummins Inc. $CMI

Cummins logo with Auto/Tires/Trucks background

Key Points

  • Aberdeen Group plc increased its ownership of Cummins Inc. by 13.9%, adding 22,751 shares to bring its total stake to approximately $61 million.
  • Several other institutional investors, including **Raymond James Financial Inc.** and **Goldman Sachs Group Inc.**, significantly increased their holdings in Cummins during the first quarter.
  • Cummins recently declared a quarterly dividend of **$2.00 per share**, marking an increase from the previous dividend of $1.82, with a dividend yield of **1.9%**.
  • MarketBeat previews the top five stocks to own by November 1st.

Aberdeen Group plc grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 13.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 186,414 shares of the company's stock after acquiring an additional 22,751 shares during the quarter. Aberdeen Group plc owned about 0.14% of Cummins worth $61,022,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Raymond James Financial Inc. increased its holdings in shares of Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after acquiring an additional 817,384 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock valued at $314,942,000 after acquiring an additional 424,294 shares in the last quarter. Nuveen LLC bought a new position in shares of Cummins during the first quarter valued at $109,120,000. Vanguard Group Inc. increased its holdings in shares of Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after acquiring an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Cummins by 74.2% during the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company's stock valued at $234,907,000 after acquiring an additional 319,277 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the transaction, the director directly owned 5,227 shares of the company's stock, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by corporate insiders.

Cummins Trading Down 3.1%

Cummins stock opened at $413.28 on Friday. The business has a 50-day simple moving average of $407.21 and a two-hundred day simple moving average of $349.52. The company has a market cap of $56.95 billion, a P/E ratio of 19.43, a P/E/G ratio of 2.00 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $5.26 EPS. Analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. The ex-dividend date was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio is presently 37.61%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CMI shares. Truist Financial raised their price target on Cummins from $380.00 to $434.00 and gave the company a "hold" rating in a report on Wednesday. Citigroup lifted their price objective on Cummins from $425.00 to $485.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Finally, Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and a consensus price target of $397.43.

View Our Latest Analysis on CMI

Cummins Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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