AEGON ASSET MANAGEMENT UK Plc Acquires 20,219 Shares of Cummins Inc. $CMI

Key Points

• AEGON Asset Management UK Plc raised its Cummins stake by 11%, buying 20,219 shares to hold 203,604 shares (about 0.15% of Cummins) worth roughly $103.9 million, and Cummins represents ~1.2% of AEGON's holdings (its 16th largest position).
• Institutional ownership of Cummins is high at 83.46% with large funds (Vanguard, Fisher, Dimensional, Raymond James, BNY Mellon) adding shares, while insiders sold ~31,195 shares (~$18.4M) last quarter and now own about 0.30% of the company.
• Cummins beat quarterly EPS and revenue estimates (EPS $5.81; revenue $8.54B), pays a $2.00 quarterly dividend (1.2% yield), and analysts remain largely positive with an average target near $600 and several firms raising targets (e.g., Truist to $730, Wells Fargo to $693).

AEGON ASSET MANAGEMENT UK Plc raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 11.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 203,604 shares of the company's stock after buying an additional 20,219 shares during the period. Cummins comprises about 1.2% of AEGON ASSET MANAGEMENT UK Plc's holdings, making the stock its 16th largest position. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.15% of Cummins worth $103,917,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock valued at $9,058,841,000 after purchasing an additional 98,544 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock worth $1,422,121,000 after buying an additional 91,956 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Cummins by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company's stock worth $649,280,000 after buying an additional 7,372 shares during the last quarter. Raymond James Financial Inc. increased its holdings in Cummins by 4.5% during the third quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company's stock worth $640,090,000 after buying an additional 64,822 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company's stock worth $612,715,000 after buying an additional 488,430 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

CMI opened at $660.83 on Friday. The company has a market capitalization of $91.30 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 2.08 and a beta of 1.14. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $576.44 and a 200-day moving average price of $530.46. Cummins Inc. has a twelve month low of $284.23 and a twelve month high of $663.38.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company's revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the company earned $5.16 earnings per share. Equities analysts expect that Cummins Inc. will post 26.03 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins's payout ratio is currently 38.99%.

Insider Activity at Cummins

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares of the company's stock, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares of the company's stock, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,195 shares of company stock valued at $18,397,489 in the last quarter. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on CMI shares. Truist Financial raised their price objective on shares of Cummins from $703.00 to $730.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Wells Fargo & Company raised their price objective on shares of Cummins from $630.00 to $693.00 and gave the stock an "overweight" rating in a report on Monday, April 13th. Weiss Ratings restated a "buy (b)" rating on shares of Cummins in a report on Friday, April 10th. Barclays raised their price objective on shares of Cummins from $546.00 to $610.00 and gave the stock an "overweight" rating in a report on Friday, January 23rd. Finally, Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the stock a "market perform" rating in a report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $600.27.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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