Cummins Inc. $CMI Stock Holdings Trimmed by AEGON ASSET MANAGEMENT UK Plc

Key Points

• AEGON ASSET MANAGEMENT UK Plc cut its Cummins stake by 13.9% in Q1, selling 28,217 shares and ending with 175,387 shares valued at about $93.6 million.
• Several analysts remain bullish on CMI, with the stock carrying a Moderate Buy consensus and an average price target of $731.86.
• Cummins reported solid quarterly results, beating EPS estimates with $6.15 per share on revenue of $8.40 billion, and it also paid a quarterly dividend of $2.00 per share.

AEGON ASSET MANAGEMENT UK Plc lessened its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 13.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 175,387 shares of the company's stock after selling 28,217 shares during the quarter. Cummins comprises approximately 1.2% of AEGON ASSET MANAGEMENT UK Plc's holdings, making the stock its 18th largest position. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.13% of Cummins worth $93,635,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. raised its stake 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. State Street Corp lifted its holdings in Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company's stock worth $3,322,954,000 after purchasing an additional 49,628 shares during the period. Geode Capital Management LLC grew its position in Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock valued at $1,822,534,000 after buying an additional 35,286 shares in the last quarter. Fisher Asset Management LLC grew its position in Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company's stock valued at $1,741,004,000 after buying an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock valued at $1,254,929,000 after buying an additional 2,434,876 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CMI. Evercore restated an "outperform" rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Raymond James Financial increased their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a research note on Monday, June 1st. Zacks Research raised Cummins from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 7th. Finally, Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $731.86.

Cummins Price Performance

Shares of Cummins stock opened at $716.50 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company's 50-day moving average price is $663.00 and its two-hundred day moving average price is $590.68. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $737.76. The stock has a market cap of $98.87 billion, a PE ratio of 37.18, a price-to-earnings-growth ratio of 1.75 and a beta of 1.23.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the company earned $5.96 EPS. Cummins's revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.44 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, May 22nd. Cummins's payout ratio is presently 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the transaction, the executive vice president owned 11,679 shares of the company's stock, valued at approximately $8,177,519.01. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president owned 8,316 shares of the company's stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. Corporate insiders own 0.30% of the company's stock.

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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