AEGON ASSET MANAGEMENT UK Plc Buys 15,370 Shares of Cummins Inc. (NYSE:CMI)

AEGON ASSET MANAGEMENT UK Plc grew its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 7.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 227,162 shares of the company's stock after purchasing an additional 15,370 shares during the quarter. Cummins makes up about 1.0% of AEGON ASSET MANAGEMENT UK Plc's investment portfolio, making the stock its 24th largest position. AEGON ASSET MANAGEMENT UK Plc owned 0.16% of Cummins worth $71,218,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in CMI. BankPlus Trust Department purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc bought a new position in shares of Cummins during the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. lifted its stake in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares during the period. TCTC Holdings LLC bought a new stake in Cummins in the fourth quarter valued at $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in Cummins during the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Buying and Selling

In other news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director now owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CMI shares. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and increased their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Robert W. Baird decreased their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Citigroup boosted their target price on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a report on Monday, May 12th. Truist Financial decreased their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Finally, UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and cut their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $357.25.

Cummins Stock Down 0.0%

CMI traded down $0.04 during trading on Thursday, hitting $322.80. 550,792 shares of the company's stock traded hands, compared to its average volume of 801,062. The stock has a market capitalization of $44.47 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 2.19 and a beta of 1.02. The company's 50 day simple moving average is $303.88 and its two-hundred day simple moving average is $339.06. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. During the same period last year, the firm posted $5.08 earnings per share. Cummins's revenue was down 2.7% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.26%. Cummins's payout ratio is 36.22%.

Cummins Company Profile

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.