AG2R LA Mondiale Gestion D Actifs Purchases New Shares in Cummins Inc. $CMI

Key Points

• AG2R LA Mondiale Gestion D Actifs has acquired 5,421 shares of Cummins Inc., valued at approximately $1.74 million, indicating strong institutional interest in the company.
• Cummins recently declared a quarterly dividend of $2.00 per share, an increase from the previous quarterly dividend of $1.82, reflecting the company's commitment to returning value to shareholders.
• Several analysts have upgraded their price targets for Cummins, with Citigroup raising its target from $380.00 to $425.00 and Melius Research setting a target of $500.00, signaling positive market sentiment towards the stock.

AG2R LA Mondiale Gestion D Actifs bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 5,421 shares of the company's stock, valued at approximately $1,743,000.

A number of other large investors also recently modified their holdings of the business. Fox Run Management L.L.C. acquired a new stake in Cummins during the 1st quarter worth about $2,749,000. Alpha Cubed Investments LLC bought a new stake in Cummins in the first quarter valued at about $440,000. Assenagon Asset Management S.A. boosted its position in shares of Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after buying an additional 1,114 shares during the period. Invesco Ltd. lifted its position in shares of Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock valued at $381,129,000 after buying an additional 126,362 shares during the last quarter. Finally, Artemis Investment Management LLP increased its stake in shares of Cummins by 19.1% during the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock worth $2,428,000 after purchasing an additional 1,241 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

Cummins stock traded up $4.20 during trading hours on Monday, reaching $414.47. 880,953 shares of the stock were exchanged, compared to its average volume of 667,847. The stock has a market cap of $57.11 billion, a P/E ratio of 19.49, a P/E/G ratio of 1.98 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $415.30. The firm's 50 day moving average is $379.91 and its 200 day moving average is $337.39. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

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

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins's payout ratio is 37.61%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Evercore ISI reissued an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Melius Research upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Barclays raised their price target on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Truist Financial lifted their target price on shares of Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Finally, The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $389.29.

Insider Activity at Cummins

In other news, CFO Mark Andrew Smith sold 6,500 shares of Cummins stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at $12,790,710. The trade was a 17.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Karen H. Quintos sold 1,307 shares of the firm's stock in a transaction that occurred on 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. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,039 shares of company stock valued at $10,385,075. 0.41% of the stock is owned by company insiders.

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.